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.

Glancy Prongay & Murray LLP, Los AngelesCasey Sadler, 310-201-9150 or 888-773-9224shareholders@glancylaw.comwww.glancylaw.com

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