NEW YORK, Aug. 29, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of HDFC Bank Limited (NYSE: HDB) resulting from allegations that HDFC Bank may have issued materially misleading business information to the investing public.
On July 13, 2020, The Economic Times reported that HDFC Bank had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head." On this news, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83%, to close at $47.02 per share on July 13, 2020.
On July 19, 2020, HDFC Bank reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality.
Then, on August 6, 2020, the publication The Print reported that in July 2020 “[t]he local unit of Experian Plc told the Reserve Bank of India in July that HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers, the people added, asking not to be identified because the information is confidential. Such tardiness has been an issue for about two years, the people said, without giving further details, including on the length or extent of these delays.”
Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank please visit the firm’s website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com .
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40 th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com
