The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lexinfintech Holdings, Ltd (NASDAQ: LX) who purchased: (a) Lexin American depositary shares pursuant and/or traceable to the Company’s initial public offering conducted on or about December 21, 2017; or (b) Lexin securities between December 21, 2017 and
August 24, 2020. The action, which was filed in the United States District Court for the District of Oregon, alleges that the Company violated federal securities laws.
In particular, the Lexinfintech lawsuit alleges that (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until November 9, 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.
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