A lawsuit was filed on behalf of investors in PPDAI Group Inc. (NYSE: PPDF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/05/2018 -- An investor, who purchased shares of PPDAI Group Inc. (NYSE: PPDF), filed a lawsuit over alleged Securities Laws violations by PPDAI Group Inc. in connection with PPDAI's November 2017 Initial Public Offering ("IPO").
Investors who purchased shares of PPDAI Group Inc. (NYSE: PPDF) have certain options and for certain investors are short and strict deadlines running. Deadline: January 25, 2019. YSE: PPDF investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
China based PPDAI Group Inc., an investment holding company, operates an online consumer finance marketplace through its platform in the People's Republic of China. The company went public in November 2017. Since the company's initial public offering ("IPO") shares of PPDAI Group Inc. (NYSE: PPDF) declined to as low as $3.82 per share on July 19, 2018.
The plaintiff claims that defendants made false and/or misleading statements and/or failed to disclose that PPDAI Group Inc. was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay, that PPDAI Group Inc. many of PPDAIs customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAIs revenues and active borrower numbers and increasing the likelihood of defaults, that PPDAI Group Inc. was experiencing increasing delinquency rates, negatively affecting PPDAIs reserves, that PPDAI Group Inc's purported rapid growth in the number and amount of loans had materially dropped off, that PPDAI Group Inc. was providing online loans to college students despite a government ban on the practice, that PPDAI Group Inc. was engaged in overly aggressive and improper collection practices, and that as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators
Those who purchased shares of PPDAI Group Inc. (NYSE: PPDF) have certain options and should contact the Shareholders Foundation.
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