An investigation on behalf of investors of X Financial (NYSE: XYF) shares over potential securities laws violations by X Financial and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of X Financial (NYSE: XYF) concerning whether a series of statements by X Financial regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

China based X Financial provides personal finance services in the People's Republic of China. X Financial reported that its annual Total Revenue rose from over 1.78 billion CNY in 2017 to over 3.54 billion CNY in 2018 and that its Net Income increased from 340.27 million CNY in 2017 to 883.11 million CNY in 2018. On or about September 19, 2018, X Financial sold 11 million shares of stock in its initial public stock offering (the 'IPO'), at $9.50 a share raising $104,500,000 in new capital.

Since then shares of X Financial (NYSE: XYF) declined to as low as $2.47 per share on August 13, 2019.

On August 26, 2019, NYSE: XYF shares closed at $2.55 per share.