9F Inc.

Period: 08/14/2020 to 09/29/2020
Lead Plaintiff Deadline: 03/22/2021

SUMMARY OF CASE:

A securities class action has been filed against 9F Inc. (JFU) on behalf of purchasers of the securities of 9F (i) pursuant and/or traceable to the registration statement and related prospectus issued in connection with 9F’s August 14, 2019 initial public offering (the “IPO” or “Offering”); and/or (ii) between August 14, 2019 through September 29, 2020.  This case has been filed in the USDC – NJ.

The Complaint alleges that the materials supporting the Offering, and defendants throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) the purported value and benefits of the Company’s financial institution partners and its tri-party cooperation business model did not in fact exist and/or were materially overstated, given that 9F and Property and Casualty Company Limited (“PICC”) had been engaged in an ongoing contractual dispute regarding payment of service fees under the Cooperation Agreement; (2) the collectability of service fees owed to 9F by PICC under the Cooperation Agreement was in doubt and at serious risk of non-payment; (3) there was a significant risk that PICC would no longer provide credit insurance and guarantee protection to investors and institutional funding partners; (4) as a result of the foregoing, the Company’s platform, business model, reputation and financial results had been materially impaired; and (5) as a result, defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.