Glancy Prongay & Murray LLP Files Securities Class Action Lawsuit Against Yirendai Ltd.
August 26 2016 - 3:46PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that it has
filed a class action lawsuit in the United States District Court
for the Central District of California on behalf of a class (the
“Class”) consisting of persons and entities that acquired Yirendai
Ltd. (“Yirendai” or the “Company”) (NYSE: YRD) securities between
May 11, 2016 and August 24, 2016, inclusive (the “Class
Period”).
If you are a member of the Class described above, you may move
the Court no later than sixty (60) days from the date of this
notice, to serve as lead plaintiff. Please contact Casey Sadler
at 888-773-9224 or 310-201-9150, or at shareholders@glancylaw.com
to discuss this matter.
The filed complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose: (1) that the Company was experiencing an increasing
amount of fraud related to customer applications for its loan
products; (2) that the implementation of new anti-fraud regulations
by the Chinese government, in response to increasing fraud in the
industry, could have a negative impact on the Company’s
performance; and (3) that, as a result of the foregoing,
Defendants’ statements about Yirendai’s business, operations, and
prospects, were false and misleading and/or lacked a reasonable
basis.
On August 24, 2016, Bloomberg reported that China imposed limits
on peer-to-peer lending, citing authorities’ concern over defaults
and fraud among the nation’s 2,349 online lenders. Specifically,
Bloomberg reported that under the new regulations, lenders are
barred from taking public deposits or selling wealth-management
products, and must appoint qualified banks as custodians and
improve information disclosure. Bloomberg also reported that
individual borrowing is now limited to 1 million yuan ($150,000)
from peer-to-peer websites, including a maximum of 200,000 yuan
from any one site.
On this news, Yirendai’s share price fell $6.92 per share, or
22%, to close at $24.52 per share on August 24, 2016, on unusually
heavy trading volume.
To be a member of the Class you need not take any action at this
time; you may retain counsel of your choice or take no action and
remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Casey Sadler,
Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, at 310-201-9150,
by e-mail to shareholders@glancylaw.com, or visit our website
at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160826005739/en/
Glancy Prongay & Murray LLP, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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