LOS ANGELES, CA / ACCESSWIRE / February 1, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of X Financial ("X Financial" or "the Company") (NYSE:XYF) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. X Financial's third quarter of 2018 ended just 11 days after the Company's September 2018 IPO. The Company's results for the quartered showed it was suffering from an increase in delinquency rates, a reduction in loans, and a shrinking number of active lenders on its platform. The Company's CEO admitted on March 19, 2019, that its loan volume had been decreasing since the middle of 2018, before its IPO. The Company's Chairman and CEO disclosed on May 21, 2019, that it would be unlikely to achieve significant growth due to the failure of its preferred loan business. Since X Financial's IPO, it has traded as low as $1.65 per ADS compared to its $9.50 per ADS IPO.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm