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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of April 14, 2021, by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
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November 16, 2020 - The court preliminarily approved the settlement.
November 13, 2020 - A stipulation of settlement was filed by the parties.
September 27, 2019 - The court granted in part and denied in part the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
October 12, 2018 - A motion to dismiss the second amended consolidated complaint was filed.
July 27, 2018 - A second amended consolidated complaint was filed.
May 18, 2018 - An amended consolidated complaint was filed.
December 12, 2017 - An investor in shares of Qudian Inc – ADR (NYSE:QD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Qudian Inc in connection with certain allegedly false and misleading statements made in connection with the Company’s initial public offering on or about October 18, 2017.
China based Qudian Inc. provides cash credit products, which provide funds in digital form, and merchandise credit products.
On or about September 18, 2017, Qudian Inc filed with the U.S. Securities and Exchange Commission (“SEC”) its Registration Statement, which would later be utilized in the initial public offering (“IPO”) following multiple amendments, the last of which was filed on October 13, 2017, and being declared effective by the SEC on October 17, 2017. On October 17, 2017, the IPO was priced at $24.00 per ADS.
Then, on or about October 18, 2017, Qudian Inc filed the final prospectus for the IPO, which forms part of the Registration Statement. That same day, Qudian Inc ADSs began trading on the NYSE under the ticker symbol NYSE:QD. Shares of Qudian Inc – ADR (NYSE:QD) reached as high as $34.90 per share on October 19, 2017.
According to the complaint the plaintiff alleges that the defendants violated Sections 11 and 15 of the Securities Act of 1933.
More specifically, the plaintiff claims that the Defendants violated federal securities laws by making false and/or misleading statements in the IPO’s Registration Statement by failing to disclose that Qudian’s loan collection practices were materially deficient and/or nonexistent as the Company treated bad loans as welfare, and that Qudian’s data systems and procedures were materially inadequate to safeguard sensitive borrower data against breach, and that breaches had occurred. NYSE:QD shares lost significant value and declined to as low as $11.33 per share in December 6, 2017.