NEW YORK–(BUSINESS WIRE)–$QFIN–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired 360 DigiTech, Inc. (“360 DigiTech” or the “Company”) (NASDAQ: QFIN) securities from April 30, 2020 through July 7, 2021, inclusive (the “Class Period”). Investors have until September 13, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
360 DigiTech, through its subsidiaries, operates a digital consumer finance platform under the 360 Jietiao brand in the People’s Republic of China (“PRC”). Its platform provides online consumer finance products to the borrowers funded by institutional funding partners. The Company also provides incremental credit assessment, collection, and other services, as well as guarantee for defaulted loans. The Company was formerly known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020.
On July 8, 2021, reports circulated on social media to the effect that the Company’s core product, the 360 IOU app, had been removed from major app stores. The reports came on the heels of the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices. On this news, 360 DigiTech’s stock price declined by $7.12 per share, or approximately 21.48%, from $33.14 per share to close at $26.02 per share on July 8, 2021.
Then, on July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android app store and quoted a Company spokesperson, who disclosed that the Company had “submitted a new rectification plan and stepped up the whole process.”
The lawsuit alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had been collecting personal information in violation of relevant PRC laws and regulations; (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired 360 DigiTech securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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