SAN DIEGO & SHANGHAI–(BUSINESS WIRE)–$QFIN #360DigiTech–Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all purchasers of 360 DigiTech, Inc. (NASDAQ: QFIN) between April 30, 2020 and July 7, 2021, for violations of the Securities Exchange Act of 1934. 360 DigiTech, through its subsidiaries, operates a digital consumer finance platform, providing online consumer products to the borrowers funded by institutional funding partners.
If you suffered a loss due to 360 DigiTech Inc.’s misconduct, click here.
360 DigiTech, Inc. (QFIN) Made False and Misleading Statements Regarding its Business, Operations, and Prospects
According to the complaint, during the relevant period, defendants touted the Company’s dedication to privacy protections and data security of its borrowers’ information. The truth, however, was that the Company had been collecting personal information in violation of relevant Chinese laws and regulations and therefore, was exposed to an increased risk of regulatory scrutiny and/or enforcement actions.
On July 8, 2021, reports circulated on social media that the Company’s core product – the 360 IOU app, had been removed from major app stores. On this news, 360 DigiTech’s stock fell $7.12 per share, or 21.48%, to close at $26.02 on July 8, 2021. Then, on July 9, Seeking Alpha reported that 360 DigiTech confirmed the removal of the 360 IOU app from the Android app store.
If you purchased shares of 360 DigiTech, Inc. (QFIN) between April 30, 2020 and July 7, 2021, you have until September 13, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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