NEW YORK–(BUSINESS WIRE)–$HTHT #classaction–The law firm of Kirby McInerney LLP is investigating potential claims against Huazhu Group Limited (“Huazhu” or the “Company”) (NASDAQ: HTHT). The investigation focuses on the Company’s possible violations of federal securities laws.
On September 21, 2020, Bonitas Research issued a report, alleging, among other things, that Huazhu “lied about the ownership of its hotel portfolio to produce fake financials.” The report also stated that Bonitas’ “fieldwork” “confirmed that Huazhu secretly supported operating costs of franchisee hotels owned by undisclosed current Huazhu employees & other undisclosed related parties (‘off-book hotels’).” Bonitas further alleged that undisclosed related party transactions were used “to artificially inflate Huazhu’s reported profits[,]” and that it “calculate[s] that Huazhu’s fake profits manifested as RMB 2 billion (US$ 300 million) of fake PP&E on its CYE’19 balance sheet.” On this news, Huazhu’s American depositary share (“ADS”) price fell $1.54, or over 3%, to close at $40.48 per share on September 21, 2020, thereby injuring investors.
If you purchased or otherwise acquired Huazhu securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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