LexinFintech Holdings Ltd.
Lead Plaintiff Deadline: 11/09/2020
SUMMARY OF CASE:
A securities class action has been filed against LexinFintech Holdings Ltd. (LX) behalf of all persons or entities who purchased or otherwise acquired LexinFintech Holdings securities publicly traded on NASDAQ between April 30, 2019 through August 24, 20120. This case has been filed in the USDC – Oregon.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.