Levi & Korsinsky announces it the commencement of a class action lawsuit in the USDC for the Central District of California on behalf of Yirendai Ltd. (NYSE: YRD) shareholders who purchased shares between May 11, 2016 and August 24, 2016.
The complaint alleges that during the Class Period, Yirendai made false and/or misleading statements and/or failed to disclose: (a) that the Company was experiencing increasing fraud related to customer applications for its loan products; (b) that the implementation of new anti-fraud regulations by the Chinese government could have a negative impact on Yirendai’s performance; (c) and that as a result of the above, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis. On August 24, 2016, Bloomberg reported that China imposed limits on peer-to-peer lending and placed a new regulations cap on individual borrowing at 1 million yuan. Following this news, Yirendai stock dropped over 22%, to close at $24.52 per share on August 24, 2016.
If you suffered a loss in Yirendai you have until October 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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