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Case Status:    ONGOING    
On or around 07/26/2022 (Date of last review)

Filing Date: July 13, 2021

According to the Complaint, 360 DigiTech, Inc. through its subsidiaries, operates a digital consumer finance platform under the 360 Jietiao brand in the People’s Republic of China (“PRC”). Its platform provides online consumer finance products to the borrowers funded by institutional funding partners. The Company also provides incremental credit assessment, collection, and other services, as well as guarantee for defaulted loans. The Company was formerly known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020.

The Complaint alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had been collecting personal information in violation of relevant PRC laws and regulations; (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

On October 26, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on January 14, 2022. On January 19, Lead Plaintiff filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on March 15. On July 26, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

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