June 17, 2020 - An amended complaint was filed.

January 22, 2020 - An investor in shares of Qudian Inc. (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 between December 13, 2018 and January 15, 2020.

China based Qudian Inc. provides online small consumer credit products in the People's Republic of China. Qudian Inc. reported that its annual Total Revenue rose from over 4.77 billion CNY in 2017 to over 7.69 billion CNY in 2018 and that its Net Income increased from over 2.16 billion CNY in 2017 to over 2.49 billion CNY in 2018.

On January 16, 2020, Qudian announced that the Company withdraws its fiscal 2019 guidance and will not issue guidance in the near term due to uncertainty related to the recent regulatory and operating environment. The press release stated that China's online consumer finance industry was affected by several regulatory developments in the fourth quarter of 2019, including further restrictions on loan collection practices, more stringent user data privacy rules and the requirements for P2P lending platforms to orderly exit their P2P businesses, which had reduced the availability of funding for consumer credit and driven up delinquency rates across the industry, including the Company's loan portfolio. Qudian further announced that its board of directors had approved a new share repurchase program . . . that authorized the Company to repurchase up to US$500 million worth of its American depositary shares (‘ADSs'), each representing one Class A ordinary share, and/or Class A ordinary shares during the next 30-month period. Shares of Qudian Inc. (NYSE: QD) declined to as low as $3.22 per share on January 21, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Qudian Inc. (NYSE: QD) common shares between December 13, 2018 and January 15, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between December 13, 2018 and January 15, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that regulatory developments in China threatened to negatively impact Qudian’s fiscal full year 2019 (“FY19”) financial results, that Qudian’s business was unprepared to mitigate the risks associated with these regulatory changes, that as a result, Qudian’s loan portfolio was plagued by growing delinquency rates, that all of the foregoing made Qudian’s repeated assertions concerning its FY19 financial guidance unrealistic, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.