On or around 11/30/2018 (Ongoing date of last review)
Filing Date: April 04, 2017
According to the law firm press release, the complaint alleges that throughout the class period Wins made materially false and/or misleading statements regarding its projected earnings, valuation, and future business operations in order to artificially inflate the price of Wins securities. Among other allegations, it is alleged that Wins falsely stated it maintained a U.S. headquarters in order to gain inclusion on the Russell indices when, in fact, its headquarters are located in China, and that Wins management overstated its value and engaged in other market manipulations during the class period.
The first filed case was voluntarily dismissed on June 16, 2017. A related action continues in the Central District of California under 17-CV-02983.
On June 26, 2017, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on August 25. Defendant filed a Motion to Dismiss the amended Complaint on October 24. On February 28, 2018, the Court issued an Order denying Defendant's Motion to Dismiss.
On November 26, the parties filed a Notice to inform the Court that Plaintiffs and Defendants had reached a Settlement in principle.
Company & Securities Information
Defendant: Wins Finance Holdings, Inc.
Industry: Misc. Financial Services
Ticker Symbol: WINS
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Debasish Dutt, et al. v. Wins Finance Holdings, Inc., et al.
COURT: C.D. California
DOCKET #: 17-CV-02434
JUDGE: Hon. George B. Daniels
DATE FILED: 04/04/2017
CLASS PERIOD START: 10/29/2015
CLASS PERIOD END: 03/29/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Levi & Korsinsky (Stamford) 733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901 203-992-4523 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
Notice of Voluntary Dismissal
U.S. District Court Civil Docket
Michel Desta, et al. v. Wins Finance Holdings, Inc., et al.