NEW YORK, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Qudian Inc. (QD) from December 13, 2018 through January 15, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Qudian Inc. investors under the federal securities laws.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) regulatory developments in China threatened to negatively impact Qudian’s fiscal full year 2019 (“FY19”) financial results; (2) Qudian’s business was unprepared to mitigate the risks associated with these regulatory changes; (3) as a result, Qudian’s loan portfolio was plagued by growing delinquency rates; (4) all of the foregoing made Qudian’s repeated assertions concerning its FY19 financial guidance unrealistic; and (5) as a result of the foregoing, defendants’ statements about its business and operations were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938