NEW YORK–(BUSINESS WIRE)–Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Huazhu Group Limited (“Huazhu” or the “Company”) (NASDAQ: HTHT) resulting from allegations that Huazhu might have issued misleading information to the investing public.
If you purchased Huazhu securities, and/or would like to discuss your legal rights and options please visit HTHT Shareholder Investigation or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
On September 21, 2020, Bonitas Research (“Bonitas”), an investment analyst, issued a report on Huazhu, asserting that Huazhu “lied about the ownership of its hotel portfolio to produce fake financials.” The report “confirmed that Huazhu secretly supported operating costs of franchisee hotels owned by undisclosed current Huazhu employees & other undisclosed related parties.” Bonitas also asserted that “Huazhu concealed operating expenses using undisclosed related party transactions 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 per share, or 3.66%, to close at $40.48 per ads on September 21, 2020.
If you purchased Huazhu securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/huazhugrouplimited-htht-shareholder-class-action-lawsuit-stock-fraud-320/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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