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PPDAI Group Inc. (NYSE: PPDF) Investor Securities Class Action Lawsuit 11/26/2018

  • If you purchased shares of PPDAI Group Inc. (NYSE: PPDF), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
PPDAI Group Inc.
Security
NYSE: PPDF

Case Name
PPDAI Group Shareholder Class Action Lawsuit 11/26/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$9,000,000.00

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Summary

June 11, 2020 - A stipulation of settlement was filed by the parties.

April 22, 2019 - A second amended complaint was filed.

January 8, 2019 - An amended complaint was filed.

November 26, 2018 - An investor in shares of PPDAI Group Inc. (NYSE: PPDF) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by PPDAI Group Inc. in connection with certain allegedly false and misleading statements made in connection with PPDAI’s November 2017 Initial Public Offering (“IPO”).

China based PPDAI Group Inc., an investment holding company, operates an online consumer finance marketplace through its platform in the People's Republic of China. The company went public in November 2017. PPDAI Group Inc. reported that its annual Total Revenue rose from over 1.26 billion CNY in 2016 to over 3.94 billion CNY in 2017 and that its Net Income rose from 501.49 million CNY in 2016 to over 1.08 billion CNY in 2018. Since the company’s initial public offering (“IPO”) shares of PPDAI Group Inc. (NYSE: PPDF) declined to as low as $3.82 per share on July 19, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of PPDAI Group Inc. (NYSE: PPDF) pursuant and/or traceable to PPDAIs November 2017 Initial Public Offering, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that defendants made false and/or misleading statements and/or failed to disclose that PPDAI Group Inc. 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, that PPDAI Group Inc. 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, that PPDAI Group Inc. was experiencing increasing delinquency rates, negatively affecting PPDAIs reserves, that PPDAI Group Inc’s purported rapid growth in the number and amount of loans had materially dropped off, that PPDAI Group Inc. was providing online loans to college students despite a government ban on the practice, that PPDAI Group Inc. was engaged in overly aggressive and improper collection practices, and that as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators.

Date Settled