SHAREHOLDER ALERT: PPDAI Group Inc. (NYSE: PPDF)
(ShareholderAlert.com) — Shareholder Alert, a free shareholder news & information service announces that class actions have commenced on behalf of shareholders of PPDAI Group Inc. (NYSE: PPDF). If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found below.
PPDAI Group Inc. (NYSE: PPDF)
Lead Plaintiff Deadline: January 25, 2019
Class Period: Purchasers of American Depositary Shares pursuant and/or traceable to the Registration Statement issued in connection with PPDAI’s November 2017 Initial Public Offering
The complaint alleges that PPDAI made materially false and/or misleading statements and/or failed to disclose material information, including that: (1) PPDAI was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay; (2) many of PPDAI’s customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAI’s revenues and active borrower numbers and increasing the likelihood of defaults; (3) PPDAI was experiencing increasing delinquency rates, negatively affecting PPDAI’s reserves; (4) PPDAI’s purported “rapid growth” in the number and amount of loans had materially dropped off; (5) PPDAI was providing online loans to college students despite a government ban on the practice; (6) PPDAI was engaged in overly aggressive and improper collection practices; and (7) as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators. When the true details entered the market, the lawsuit claims that investors suffered damages.