A lawsuit was filed on behalf of investors in Qudian Inc – ADR (NYSE:QD) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/16/2018 -- The Shareholders Foundation announces that an investor, who purchased shares of Qudian Inc – ADR (NYSE:QD), filed a lawsuit in the U.S. over alleged Securities Laws violations by Qudian Inc in with the Company's initial public offering on or about October 18, 2017.
Investors who purchased a significant amount of Qudian Inc – ADR (NYSE:QD) American Depository Shares ("ADSs") should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
On or about September 18, 2017, Qudian Inc filed with the U.S. Securities and Exchange Commission ("SEC") its Registration Statement, which would later be utilized in the initial public offering ("IPO") following multiple amendments, the last of which was filed on October 13, 2017, and being declared effective by the SEC on October 17, 2017.
On October 17, 2017, the IPO was priced at $24.00 per ADS. Then, on or about October 18, 2017, Qudian Inc filed the final prospectus for the IPO, which forms part of the Registration Statement. That same day, Qudian Inc ADSs began trading on the NYSE under the ticker symbol NYSE:QD. Shares of Qudian Inc – ADR (NYSE:QD) reached as high as $34.90 per share on October 19, 2017.
The plaintiff alleges that the defendants violated Sections 11 and 15 of the Securities Act of 1933. More specifically, the plaintiff claims that the Defendants violated federal securities laws by making false and/or misleading statements in the IPO's Registration Statement by failing to disclose that Qudian's loan collection practices were materially deficient and/or nonexistent as the Company treated bad loans as welfare, and that Qudian's data systems and procedures were materially inadequate to safeguard sensitive borrower data against breach, and that breaches had occurred.
Those who purchased shares of Qudian Inc – ADR (NYSE:QD) have certain options and should contact the Shareholders Foundation.
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