LEXIN FINTECH HOLDINGS LTD. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES CLICK HERE TO VIEW THE FIRM RÉSUMÉ OF BERNSTEIN LIEBHARD LLP.
LexinFintech Holdings Ltd.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of LexinFintech Holdings Ltd. (“LexinFintech” or the “Company”) (NASDAQ: LX) between April 30, 2019 to August 24, 2020, (the “Class Period”).
If you purchased LexinFintech securities and would like to discuss your legal rights and/or options please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of LexinFintech Holdings Ltd. (“LexinFintech” or the “Company”) (NASDAQ: LX) between April 30, 2019 to August 24, 2020, (the “Class Period”). The lawsuit filed in the United States District Court for the District of Oregon alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 25, 2020, Grizzly Research published a report describing, among other things, how the Company: (1) reports artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) has a business model that exposes shareholders to enormous losses; (3) was still conducting direct peer to peer lending despite claiming otherwise; (4) lacked internal controls; and (5) conducted undisclosed related party transactions.
On this news, shares of LexinFintech stock fell $0.47 per share or 5.52% to close at $8.04 per share on August 25, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than October 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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