On December 12, 2017, the initial complaint in this securities class action was filed against Qudian, Inc. (“Qudian” or the “Company”), and certain of Qudian’s directors and officers, asserting violations of sections 11 and 15 of the Securities Act. On July 27, 2018, Plaintiffs filed a Second Amended Complaint, which added certain underwriters as defendants to the action.
Lead Plaintiff alleges that defendants violated federal securities laws by making false and/or misleading statements in Quidian’s Registration Statement filed in connection with its Initial Public Offering by failing to disclose that: (i) Qudian’s loan collection practices were materially deficient and/or nonexistent as the Company treated bad loans as welfare, and (ii) Qudian’s data systems and procedures were materially inadequate to safeguard sensitive borrower data against breach, and that breaches had occurred.
Current Status of Case:
On September 27, 2019, the Court issued an Order granting defendants’ Motion to Dismiss as to all the defendants who had been served and filed responses except for one defendant. Thereafter, in November 2019, Lead Plaintiff served the Second Amended Complaint on the remaining defendants. Certain of those defendants answered the complaint and others have filed a Motion to Dismiss the complaint which the parties are currently briefing. This action is ongoing.
If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org