Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of PPDAI Group Inc. (NYSE: PPDF) pursuant and/or traceable to PPDAIs November 2017 Initial Public Offering (IPO) of the January 25, 2019 lead plaintiff deadline in the first federal case filed by The Rosen Law Firm. The lawsuit seeks to recover damages for PPDAI investors under the federal securities laws.
To join the PPDAI class action, go to https://www.rosenlegal.com/cases-1419.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTORS ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PPDAI was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay; (2) many of PPDAIs customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAIs revenues and active borrower numbers and increasing the likelihood of defaults; (3) PPDAI was experiencing increasing delinquency rates, negatively affecting PPDAIs reserves; (4) PPDAIs purported rapid growth in the number and amount of loans had materially dropped off; (5) PPDAI was providing online loans to college students despite a government ban on the practice; (6) PPDAI was engaged in overly aggressive and improper collection practices; and (7) as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 25, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to https://www.rosenlegal.com/cases-1419.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Zachary Halper, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Attorney Advertising. Prior results do not guarantee a similar outcome.
The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
275 Madison Avenue, 34th Floor
York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653