July 10, 2017 - The complaint was not amended. The case was dismissed.

June 20, 2017 - The court granted defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

March 28, 2017 - A motion to dismiss the amended complaint was filed.

January 27, 2017 - An amended complaints filed.

August 26, 2016 - An investor in shares of Yirendai Ltd – ADR (NYSE: YRD) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Yirendai Ltd in connection with certain allegedly false and misleading statements made between May 11, 2016 and August 24, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Yirendai Ltd – ADR (NYSE: YRD) common shares between May 11, 2016 and August 24, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 11, 2016 and August 24, 2016 the Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was experiencing an increasing amount of fraud related to customer applications for its loan products; (2) that the implementation of new anti-fraud regulations by the Chinese government, in response to increasing fraud in the industry, could have a negative impact on the Company’s performance; and (3) that, as a result of the foregoing, Defendants’ statements about Yirendai Ltd’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Yirendai Ltd reported that its annual Total Revenue rose from $31.89 million in 2014 to $209.09 million in 2015 and that its Net Loss of $4.50 million in 2014 turned into a Net Income of $43.83 million in 2015.

Shares of Yirendai Ltd – ADR (NYSE: YRD) grew from $3.68 per share in February 2016 to as high as $42.34 per share on August 16, 2016.

On August 24, 2016, it was reported that China imposed limits on peer-to-peer lending, citing authorities’ concern over defaults and fraud among the nation’s 2,349 online lenders. Specifically, it was reported that under the new regulations, lenders are barred from taking public deposits or selling wealth-management products, and must appoint qualified banks as custodians and improve information disclosure. It was also reported that individual borrowing is now limited to 1 million yuan ($150,000) from peer-to-peer websites, including a maximum of 200,000 yuan from any one site.

Shares of Yirendai Ltd – ADR (NYSE: YRD) declined on August 25, 2016, to as low as $22.05 per share.