According to the law firm press release, Qudian Inc. is a Chinese provider of online micro-lending credit products. The Complaint charges Qudian, certain of its officers and directors, and the underwriters (collectively, the “Defendants”) of the IPO with violations of the Securities Act.

On or about September 18, 2017, Qudian filed with the Securities and Exchange Commission (“SEC”) its Registration Statement on Form F-1, which would later be utilized in the IPO following multiple amendments on Form F-1/A—the last of which was filed on October 13, 2017—and being declared effective by the SEC on October 17, 2017. On October 17, 2017, the Defendants priced the IPO at $24.00 per ADS. Then, on or about October 18, 2017, Qudian filed the final prospectus for the IPO, which forms part of the Registration Statement. That same day, Qudian ADSs began trading on the NYSE under the ticker symbol “QD.”

The lawsuit alleges that the 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.

At the time of the filing of the lawsuit, Qudian’s ADSs were trading at $13.19, which is approximately 45% lower than the $24.00 IPO price.

On March 16, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be identified as: "In re Qudian Inc. Securities Litigation."

Lead Plaintiff filed a consolidated amended Complaint on May 18, 2018. On July 27, Lead Plaintiff filed a consolidated second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on October 12. On September 27, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On November 13, 2020, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on November 16th. On June 8, 2021, the Court granted final approval of the Settlement and entered Final Judgment. On March 4, 2022, the Court issued an Order approving distribution of the Settlement funds to authorized claimants.