SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Qudian Inc. - QD

NEW YORK, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Qudian Inc. (“Qudian” or the “Company”) (NYSE: QD). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.

The investigation concerns whether Qudian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On January 16, 2020, Qudian issued a press release announcing “that the Company withdraws its fiscal 2019 guidance and will not issue guidance in the near term due to uncertainty related to the recent regulatory and operating environment.” The press release stated that “China’s online consumer finance industry was affected by several regulatory developments in the fourth quarter of 2019, including further restrictions on loan collection practices, more stringent user data privacy rules and the requirements for P2P lending platforms to orderly exit their P2P businesses,” which had “reduced the availability of funding for consumer credit and driven up delinquency rates across the industry, including the Company's loan portfolio.” Qudian further announced that its board of directors had “approved a new share repurchase program . . . that authorized the Company to repurchase up to US$500 million worth of its American depositary shares (‘ADSs’), each representing one Class A ordinary share, and/or Class A ordinary shares during the next 30-month period.” On this news, Qudian’s ADS price fell sharply during intraday trading on January 16, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 9980