IRVINE, Calif.--(BUSINESS WIRE)--Khang & Khang LLP (the “Firm”) announces a class action lawsuit has been filed against Yirendai Ltd. (“Yirendai” or the “Company”) (NYSE: YRD). Investors, who purchased or otherwise acquired shares between May 11, 2016 and August 24, 2016 inclusive (the “Class Period”), are encouraged to contact the Firm prior to the October 25, 2016 lead plaintiff motion deadline.
If you purchased shares of Yirendai during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at email@example.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, Yirendai made false and/or misleading statements and/or failed to disclose: that the Company was experiencing increasing fraud related to customer applications for its loan products; that the implementation of new anti-fraud regulations by the Chinese government could have a negative impact on Yirendai’s performance; and that as a result of the above, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis. On August 24, 2016, Bloomberg reported that China imposed limits on peer-to-peer lending and placed a new regulations cap on individual borrowing at 1 million yuan. When this news was announced to the public, shares of Yirendai fell in value, causing investors harm.
If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at firstname.lastname@example.org.
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