NEW YORK–(BUSINESS WIRE)–#XYF–Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against X Financial (NYSE: XYF) on behalf of X Financial stockholders. Our investigation concerns whether X Financial has violated the federal securities laws and/or engaged in other unlawful business practices.
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In September of 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 decrease in loans by the Company, and a decrease in 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.
Then, 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 conclusion of its preferred loan business.
Since the IPO, X Financial stock has traded as low as $1.65 per ADS, a significant decrease in value from the $9.50 IPO price.
If you purchased or otherwise acquired X Financial shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com
