LOS ANGELES, Jan. 02, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm , a national shareholder rights litigation firm, announces the filing of a class action lawsuit against PPDAI Group Inc. (“PPDAI” or “the Company”) (NYSE: PPDF ) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s initial public offering in November, 2017, are encouraged to contact the firm before January 25, 2019.
If you are a shareholder who suffered a loss, click here to participate .
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com , or by email at brian@schallfirm.com .
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. PPDAI engaged in predatory lending practices, saddling low-income borrowers with debt and interest payments they could not repay. Many of the Company’s customers were using PPDAI loans to pay off other loans, raising the risk of default. PPDAI suffered from increasing delinquency rates, hurting the Company’s reserves. PPDAI was also providing online loans to college students, ignoring a government ban on the practice. At the same time, the Company engaged in improper collection practices. Based on these facts, the Company’s public statements at the time of its IPO were false and materially misleading. When the market learned the truth about PPDAI, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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CONTACT:
The Schall Law Firm Brian Schall, Esq., Sherin Mahdavian, Esq., www.schallfirm.com 310-301-3335 info@schallfirm.com
SOURCE:
The Schall Law Firm
