BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Wins Finance Holdings Inc. ("Wins" or the "Company") (NASDAQ: WINS) securities between October 31, 2018 and July 6, 2020, inclusive (the “Class Period”). Wins investors have until September 23, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Wins investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On July 6, 2020, after the market closed, Wins disclosed that on June 30, 2020 Centurion ZD CPA & Co. resigned as the Company's independent auditor. On this news, the Company's share price fell $2.06, or approximately 6%, to close at $31.70 per share on July 7, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the ultimate repayment of its RMB 580 million Guohong Loan was highly uncertain; (2) that nonpayment of the Guohong Loan would have a significant impact on the Company’s financial and operating condition; (3) that weaknesses in Wins’s internal control over its financial reporting persisted despite the Company’s repeated assurances to investors that it was taking steps to remediate these weaknesses; (4) that the foregoing issues, among others, made the resignation of Wins’s independent auditor foreseeably likely; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Wins securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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