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Class Action News

Levi & Korsinsky Announces the PPDAI Lawsuit; PPDF Class Action

Levi & Korsinsky

November 30, 2018

NEW YORK, November 30, 2018 – Levi & Korsinsky, LLP announces a class action on behalf of investors who purchased PPDAI Group Inc. (“PPDAI”) (NYSE: PPDF) American Depositary Shares pursuant and/or traceable to the Registration Statement issued in connection with PPDAI’s November 2017 Initial Public Offering. You are hereby notified that the PPDF class action has been commenced in the United States District Court for the Eastern District of New York. To get more information about the PPDAI class action go to: https://www.zlk.com/pslra-1/ppdai-group-inc-ppdf-loss-form or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The PPDAI lawsuit alleges that the Registration Statement issued in connection with the IPO contained materially false and/or misleading statements and/or failed to disclose material information, including that: (1) PPDAI was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay; (2) many of PPDAI’s customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAI’s revenues and active borrower numbers and increasing the likelihood of defaults; (3) PPDAI was experiencing increasing delinquency rates, negatively affecting PPDAI’s reserves; (4) PPDAI’s purported “rapid growth” in the number and amount of loans had materially dropped off; and (5) PPDAI was providing online loans to college students despite a government ban on the practice.

If you suffered a loss in PPDAI you have until January 25, 2019 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.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

 

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com