NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Yirendai Ltd. (NYSE: YRD) between May 11, 2016 and August 24, 2016.
You are hereby notified that a securities class action has commenced in the USDC for the Central District of California. If you purchased or otherwise acquired Yirendai securities between May 11, 2016 and August 24, 2016, your rights may be affected by this action. To get more information go to: http://www.zlk.com/pslra/yirendai-ltd.
The complaint alleges that during the Class Period, Yirendai made false and/or misleading statements and/or failed to disclose: (a) that the Company was experiencing increasing fraud related to customer applications for its loan products; (b) that the implementation of new anti-fraud regulations by the Chinese government could have a negative impact on Yirendai’s performance; (c) 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. Following this news, Yirendai stock dropped over 22%, to close at $24.52 per share on August 24, 2016.
If you suffered a loss in Yirendai you have until October 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/pslra/yirendai-ltd.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.