The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of 9F Inc. (NASDAQ: JFU) who purchased securities: (1) pursuant and/or traceable to the registration statement and related prospectus issued in connection with the Company’s August 14, 2019 initial public offering; and/or (2) between August 14, 2019 and September 29, 2020. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the 9F Inc. lawsuit alleges that (1) the purported value and benefits of the Company’s financial institution partners and its tri-party cooperation business model did not in fact exist and/or were materially overstated, given that 9F and Property and Casualty Company Limited (“PICC”) had been engaged in an ongoing contractual dispute regarding payment of service fees under their cooperation agreement; (2) the collectability of service fees owed to 9F by PICC under the cooperation agreement was in doubt and at serious risk of non-payment; (3) there was a significant risk that PICC would no longer provide credit insurance and guarantee protection to investors and institutional funding partners; (4) as a result of the foregoing, the Company’s platform, business model, reputation and financial results had been materially impaired; and (5) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until March 22, 2021 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.
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