NEW YORK, Oct. 19, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Yirendai Ltd. (“Yirendai” or the “Company”) (NYSE:YRD) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Yirendai securities between May 11, 2016 and August 24, 2016, inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Yirendai was experiencing increasing fraud related to customer applications for its loan products; (2) the implementation of new anti-fraud regulations by the Chinese government could have a negative impact on Yirendai’s performance; (3) consequently, Yirendai’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On August 24, 2016, Bloomberg reported that China imposed limits on peer-to-peer lending in order to control risks in the loosely-regulated shadow-banking sector. These new regulations bar lenders from taking public deposits or selling wealth-management products, and force lenders to engage qualified banks as custodians and improve information disclosure. The new regulations also cap individual borrowing at 1 million yuan ($150,000). Following this news, Yirendai stock dropped over 22%, to close at $24.52 per share on August 24, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/yrd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Yirendai you have until October 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.