SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Qudian Inc. (NYSE: QD) To Contact Brower Piven Before The Lead Plaintiff Deadline In Class Action Lawsuit
STEVENSON, Md., Jan. 03, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of a class who purchased Qudian Inc. (NYSE:QD) (“Qudian” or the “Company”) American Depository Shares (“shares”) pursuant to the Company’s initial public offering on or about October 18, 2017. Investors who wish to become proactively involved in the litigation have until February 12, 2018 to seek appointment as lead plaintiff.
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 Qudian shares in connection with the Company’s IPO. 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.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s IPO that Qudian’s loan collection practices were materially deficient and/or nonexistent as the Company treated bad loans as welfare, and Qudian’s data systems and procedures were materially inadequate to safeguard sensitive borrower data against breach, and that breaches had occurred.
According to the complaint, at the time of the filing of the first lawsuit, Qudian’s shares were trading at $13.19, which is approximately 45% lower than the $24.00 IPO price.
If you have suffered a loss in excess of $100,000 from investment in Qudian’s October 18, 2017 IPO and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153