A securities class action has been filed against Lufax Holding Ltd (LU) on behalf of persons or entities who purchased or otherwise acquired publicly traded Lufax securities between April 7, 2023 through January 26, 2025. This case has been filed in the USDC – CA.
On January 27, 2025, Lufax filed with the Securities and Exchange Commission a current report on Form 6-K. Attached to the current report as an exhibit was an announcement which stated that Lufax’s board had proposed to remove Lufax’s auditors, and that there was a possible delay in the publication of Lufax’s 2024 annual report (which in fact did occur).
On this news, Lufax American Depositary Shares (“ADSs”) fell 13.8% on January 27, 2025.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Lufax lacked adequate internal controls; (2) Certain of Lufax’s financial results were materially misstated; and (3) as a result, defendants’ statements about Lufax’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.