||United States District Court for The Southern District of New York
||The Honorable Jesse M. Furman
||Pursuant to Company's IPO on October 17, 2017
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 Consolidated Second Amended Class Action Complaint, which added certain underwriter Defendants to the action. This is a federal securities class action on behalf of all persons who purchased Qudian American Depositary Shares in or traceable to the Company’s October 18, 2017 initial public offering (the “IPO”), inclusive (the “Class Period”).
Plaintiff alleges Defendants violated federal securities laws by making false and/or misleading statements in the IPO’s Registration Statement 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 November 16, 2020, the Court issued an Order of Preliminary Approval of Settlement and entered Final Judgment on June 8, 2021. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at email@example.com. 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.