NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York against Qudian Inc. (“Qudian” or the “Company”) (NYSE: QD) on behalf of investors that acquired Qudian American Depository Shares (“ADSs”) in, or traceable to, Qudian’s October 2017 IPO, seeking recovery of damages for alleged violations of the federal securities laws. Pursuant to applicable law, investors have until February 12, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Qudian is a Chinese provider of online micro-lending credit products.
The lawsuit alleges that in connection with the Company’s October 17, 2017 IPO, Qudian failed to disclose that: (1) Qudian’s loan collection practices were materially deficient and/or nonexistent, as the Company treated bad loans as “welfare”, and (2) Qudian’s data procedures were materially inadequate to safeguard sensitive borrower data against breach, and breaches had occurred.
As news of the foregoing reached the market, Qudian’s ADS price declined materially from the IPO price of $24.00, and the price had declined to $13.19 when the lawsuit was filed.
If you acquired Qudian ADSs and are interested in learning more about this matter and any rights you might have with respect to these claims, please contact Chloe Chung at email@example.com, by telephone at (212) 371-6600, or by filling out this contact form. You can also find information about this matter on the firm’s website at www.kmllp.com. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. Kirby McInerney’s efforts on behalf of shareholders have resulted in recoveries totaling billions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Qudian Inc. can be found at Kirby McInerney LLP's website: www.kmllp.com.