NEW YORK, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of X Financial (NYSE: XYF) resulting from allegations that X Financial may have issued materially misleading business information to the investing public.
In September 2018, X Financial completed its initial public offering (“IPO”), selling approximately 11.7 million American Depositary Shares (“ADSs”) at $9.50 per ADS.
On November 19, 2018, X Financial reported its financial results for its third quarter 2018 which ended only eleven days after the IPO. In its third quarter 2018 financial results, the Company revealed increasing delinquency rates on its loans, a reduction of loans by the Company, and a reduction of active lenders on its platform.
On March 19, 2019, X Financial’s president stated that the Company’s loan volume had been declining since the middle of 2018. On May 21, 2019, X Financial’s CEO and chairman stated that the Company was unlikely to achieve significant loan or revenue growth due to the failure and ending of its preferred loan business.
Since the IPO, X Financial stock has traded as low as $1.65 per ADS, a significant decline from the $9.50 IPO price.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by X Financial investors. If you purchased shares of X Financial please visit the firm’s website at http://www.rosenlegal.com/cases-register-1733.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com