The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Qudian Inc. (NYSE: QD) who purchased shares between December 13, 2018 and January 15, 2020. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Qudian lawsuit alleges that (i) regulatory developments in China threatened to negatively impact Qudian’s fiscal full year 2019 (“FY19”) financial results; (ii) Qudian’s business was unprepared to mitigate the risks associated with these regulatory changes; (iii) as a result, Qudian’s loan portfolio was plagued by growing delinquency rates; (iv) all of the foregoing made Qudian’s repeated assertions concerning its FY19 financial guidance unrealistic; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until March 23, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
Please fill out the form to learn more