Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Jianpu Technology Inc. (Jianpu or the Company) (NYSE: JT) American Depository Shares (“ADS”) in and/or traceable to the Company’s initial public offering (the “IPO”) on or about November 16, 2017. Jianpu investors have until December 24, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Jianpu investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected]
On November 16, 2017, Jianpu conducted its initial public offering of American depositary shares at a price of $8.00 per share. On November 21, 2017, however, Chinese regulators banned the issuance of new online peer-to-peer licenses, citing improper and illegal practices by lenders such as Qudian and PPDAI. On this news, Jianpus share price fell more than 30%, to close at just $4.90 per share on Nov. 24, 2017, thereby injuring investors.
The complaint filed in this class action alleges that the Company made false and misleading statements to the market. Prior to Jianpus IPO in 2017, the China Banking Regulatory Commission and other regulators issued rules in 2016 requiring peer-to-peer (P2P) lending companies to appoint institutional banking custodians and disclose usage of deposits. The country also set out to create the Financial Stability and Development Committee to oversee reform and industry policy. These government changes combined to result in a large reduction in the number of current and potential peer-to-peer lending providers, the main source of Jianpus revenue. Based on these facts, Jianpus public comments and the Companys IPO Registration Statement were false and materially misleading.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
If you purchased shares of Jianpu, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.