Fanhua, Inc. : American Depositary Shares Securities Litigation
On or around 08/15/2019 (Ongoing date of last review)
Filing Date: September 07, 2018
Plaintiff's law firm issued a press release on September 7, 2018, announcing the filing of the lawsuit. According to the press release, Fanhua (formerly known as “CNinsure Inc.”) is a leading independent online-to-offline financial services provider. Through its online platforms and offline sales and service network, Fanhua offers a wide variety of life and property and casualty insurance products, and provides insurance claims adjusting services.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Fanhua engaged in improper business practices, including irregular accounting; (ii) the foregoing practices were intended to benefit Company insiders and overstated Fanhua’s financial assets and performance metrics; and (iii) as a result, Fanhua’s public statements were materially false and misleading at all relevant times.
On December 13, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 21, 2019.
Company & Securities Information
Defendant: Fanhua, Inc.
Industry: Insurance (Miscellaneous)
Ticker Symbol: FANH
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.