Recent Securities Litigations

Qudian Inc. American Depositary Shares each representing one Class A Ordinary Share (NYSE: QD)

Company Name:Qudian Inc. American Depositary Shares each representing one Class A Ordinary Share
Stock Symbol:NYSE: QD
Class Period Start:10/18/2017
Class Period End (inclusive):11/20/2017

According to the law firm press release, Qudian is a Chinese provider of online micro-lending credit products. The Complaint charges Qudian, certain of its officers and directors, and the underwriters (collectively, the "Defendants") of the IPO with violations of the Securities Act.

On or about September 18, 2017, Qudian filed with the Securities and Exchange Commission ("SEC") its Registration Statement on Form F-1, which would later be utilized in the IPO following multiple amendments on Form F-1/A—the last of which was filed on October 13, 2017—and being declared effective by the SEC on October 17, 2017. On October 17, 2017, the Defendants priced the IPO at $24.00 per ADS. Then, on or about October 18, 2017, Qudian filed the final prospectus for the IPO, which forms part of the Registration Statement. That same day, Qudian ADSs began trading on the NYSE under the ticker symbol "QD."

The lawsuit alleges that the Defendants violated federal securities laws by making false and/or misleading statements in the IPO's Registration Statement by failing to disclose that: (i) Qudian's loan collection practices were materially deficient and/or nonexistent as the Company treated bad loans as welfare, and (ii) Qudian's data systems and procedures were materially inadequate to safeguard sensitive borrower data against breach, and that breaches had occurred.

At the time of the filing of the lawsuit, Qudian's ADSs were trading at $13.19, which is approximately 45% lower than the $24.00 IPO price.