LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC (the “Firm”) announces a class action lawsuit has been filed against Yirendai Ltd. (“Yirendai” or the “Company”) (NYSE: YRD) concerning possible violations of federal securities laws between May 11, 2016 and August 24, 2016 (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm before the October 25, 2016 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that during the Class Period, 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.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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