Case Page

 

Case Status:    ONGOING    
On or around 05/18/2018 (Ongoing date of last review)

Filing Date: December 12, 2017

According to the law firm press release, Qudian 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.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: QD
Company Market: New York SE
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.
COURT: S.D. New York
DOCKET #: 17-CV-09741
JUDGE: Hon. Ronnie Abrams
DATE FILED: 12/12/2017
CLASS PERIOD START: 10/18/2017
CLASS PERIOD END: 12/12/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 17-CV-09741
JUDGE: Hon. Ronnie Abrams
DATE FILED: 05/18/2018
CLASS PERIOD START: 10/18/2017
CLASS PERIOD END: 12/12/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Jack I. Zwick
    100 Church Street, Suite 850 , Jack I. Zwick, NY 10007
    212.385.1900 ·
No Document Title Filing Date