Recent Security Class Actions

LexinFintech Holdings Ltd. American Depositary Shares (NASDAQ: LX)

Company Name:LexinFintech Holdings Ltd. American Depositary Shares
Stock Symbol:NASDAQ: LX
Class Period Start:12/21/2017
Class Period End (inclusive):08/24/2020
Filing Deadline:11/08/2020

According to the Complaint, Lexinfintech Holdings, LTD, through its subsidiaries, purports to operate as an online consumer finance platform for young professionals in the People’s Republic of China.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.