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Wins Finance Holdings Inc. (NASDAQ: WINS) Investor Securities Class Action Lawsuit 07/25/2020

  • If you purchased shares of Wins Finance Holdings Inc. (NASDAQ: WINS), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Wins Finance Holdings Inc
Security
NASDAQ: WINS

Case Name
Wins Finance Holdings Shareholder Class Action Lawsuit 07/25/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Summary

July 25, 2020 - An investor in shares of Wins Finance Holdings Inc. (NASDAQ: WINS) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Wins Finance Holdings Inc. in connection with certain allegedly false and misleading statements made between October 31, 2018, and July 6, 2020.

China based Wins Finance Holdings Inc., through its subsidiaries, provides financing solutions for small and medium enterprises in the People's Republic of China. Wins Finance Holdings Inc. reported that its Total Revenue rose from $20.29 million for the 12 months period that ended on June 30, 2017 to $23.18 million on June 30, 2017 and that its Net Income over those respective time periods declined from $20.35 million to $10.5 million.

On July 6, 2020, Wins Finance Holdings Inc. (NASDAQ: WINS) disclosed that on June 30, 2020, Centurion ZD CPA & Co. resigned as the Company’s independent auditor.

Shares of Wins Finance Holdings Inc. (NASDAQ: WINS) declined from $76.64 per share on June 24, 2020 to as low as $25.69 per share on July 13, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Wins Finance Holdings Inc. (NASDAQ: WINS) common shares between October 31, 2018, and July 6, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 31, 2018, and July 6, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that the ultimate repayment of the RMB 580 million Guohong Loan was highly uncertain, that nonpayment of the Guohong Loan would have a significant impact on the Company's financial and operating condition, that weaknesses in Wins's internal control over its financial reporting persisted despite the Company's repeated assurances to investors that it was taking steps to remediate these weaknesses, that the foregoing issues, among others, made the resignation of Wins's independent auditor foreseeably likely, and that as a result, the Company's public statements were materially false and misleading at all relevant times.