Press release
Lawsuit filed for Investors in shares of LexinFintech Holdings Ltd. (NASDAQ: LX)
A lawsuit was filed on behalf of investors in LexinFintech Holdings Ltd. (NASDAQ: LX) shares.
Investors who purchased shares of LexinFintech Holdings Ltd. (NASDAQ: LX) have certain options and for certain investors are short and strict deadlines running. Deadline: November 9, 2020. NASDAQ: LX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
China based LexinFintech Holdings Ltd., through its subsidiaries, operates as an online consumer finance platform for young professionals in the People's Republic of China. On August 25, 2020, a research report was published on LexinFintech. The report alleged, among other things, that LexinFintech Holdings Ltd. reported "unfathomably low" delinquency rates by giving borrowers in default new funds to make payments and that LexinFintech Holdings Ltd. ( engaged in undisclosed related party transactions. Furthermore, according to the report, a review of the Company's web traffic calls into question the Company's purported growth. Shares of LexinFintech Holdings Ltd. (NASDAQ: LX) $13.09 per share on July 8, 2020, to as low as $7.45 per share on August 31, 2020.
The plaintiff claims that between April 30, 2019 and August 24, 2020, the defendants made false and/or misleading statements and/or failed to disclose that LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments, that the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans, that the Company exaggerated its user base, that the Company was facilitating direct peer to peer lending contrary to Chinese law, that the Company engaged in undisclosed related party transactions, that the Company lacked adequate internal controls, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of LexinFintech Holdings Ltd. (NASDAQ: LX) have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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