July 13, 2020 - An amended complaint was filed.

December 9, 2019 - An investor, who purchased shares of X Financial (NYSE: XYF), filed a lawsuit over alleged violations of Securities Laws by X Financial in connection with certain allegedly false and misleading statements made in connection with the company’s initial public offering. The plaintiff alleges that representations in the registration statement that was filed in connection with the company’s initial public offering (“IPO”) contained untrue statements of material fact because X Financial failed to disclose that at the time of the IPO that the Company’s total loan facilitation amount was not growing, and was in fact contracting, that the number of investor’s actively using X Financial’s platform was also contracting, that the demand from small and medium enterprises (“SME”) was declining, that X Financial’s Xiaoying Preferred Loans were performing so poorly that the Company was scaling back this segment, that X Financial’s Xiaoying Card Loans were also declining, that revenue and loan facilitation growth found in the Registration Statement was due to relaxed credit and due diligence standards to which X Financial had underwritten tens of millions of dollars’ worth of poor quality loans that suffered from a disproportionally high risk of default compared to the Company’s earlier loans, that poor quality loans underwritten in the first, second, and third quarters of 2018 had increased 12 delinquency rate, that Xiaoying Card Loans, which had higher delinquency rates and lower ticket sizes, were a growing proportion of all loans, that X Financial’s net revenue was on track to decline during its third quarter 2018, and that as a result, X Financial’s Registration Statement was materially false and misleading.