According to the Complaint, Lexinfintech Holdings, Ltd, through its subsidiaries, purports to operate as an online consumer finance platform for young professionals in the People's Republic of China.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On September 18, 2020, Plaintiff filed an amended Complaint. On November 19, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a second amended Complaint on January 19, 2021. Defendants filed a Motion to Dismiss the second amended Complaint on March 22. On November 24, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff voluntarily dismissed the case on December 27.