Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Qudian Inc. who purchased shares between December 13, 2018 and January 15, 2020.
Qudian and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 16, 2020, the Company disclosed the withdrawal of its fiscal 2019 guidance “due to uncertainty related to the recent regulatory and operating environment” including several regulatory developments in China’s online consumer finance industry.
On this news, the price of Qudian’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 23, 2020 to request that the court appoint them lead plaintiff.