Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey against 9F Inc.
NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) – Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the U.S. District Court for the New Jersey District on behalf of investors who have purchased, or otherwise acquired 9F Inc . (“9F” or the “Company”) (NASDAQ: JFU) American Depositary Receipts (“ADRs”):
- in accordance with and / or traceable to the registration statement and the associated prospectus in connection with the company’s IPO on August 14, 2019 (“IPO” or “Offer”); and or
- between August 14, 2019 and September 29, 2020 (including the “Class Period”).
All investors who use 9F Inc.. and any losses incurred are requested to contact the company immediately firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You can get additional information about the promotion or Join the case on our website, www.whafh.com.
If you suffered losses in 9F Inc. ADRs, You may, no later than March 22, 2021, Ask the court to appoint you as the lead plaintiff in the proposed class. Please contact Wolf Haldenstein to find out more about your rights as an investor in the shares of ADR’s of 9F Inc.
PLEASE CLICK THE LINK to join this case
In August 2019, 9F completed its initial public offering (“IPO”), selling 8.9 million American Depositary Receipts at $ 9.50 per ADR.
On September 27, 2019, 9F announced its financial results for the second quarter of 2019 for the period prior to the IPO. The company stated that its net receivables increased from RMB 277 million as of March 31, 2019 to RMB 858 million as of June 30, 2019, an alleged sequential increase of 210%. In that news, 9F shares fell $ 0.59, or 5%, to trade at $ 10.35 per ADR on September 27, 2019.
On December 5, 2019, 9F announced its financial results for the third quarter of 2019 for the quarter in which it went public. The company stated that its net receivables increased more than tenfold from RMB 180 million as of December 31, 2018 to RMB 1.9 billion as of September 30, 2019. On that news, 9F shares fell $ 0.50, or nearly 5%. over two consecutive trading sessions through December 6, 2019 at $ 9.60 per ADS.
On June 12, 2020, 9F announced an ongoing dispute with Property and Casualty Company Limited (“PICC”) resulting in unpaid service fees of RMB 2.2 billion. The company said that service charges of RMB 1.4 billion, previously recorded as accounts receivable, have now been recorded as fully impaired.
On June 17, 2020, 9F described the devastating aftermath of the company’s dispute with PICC, including the fact that the two companies were “taking legal action against each other” and that 9F had received approximately RMB 2.3 billion in damages from PICC to cover of the outstanding service claimed fees and related late payment losses. In addition, 9F had “suspended [its] Working with PICC on new loans under [its] Direct Loan Program since December 2019 ”, which reduced total net sales by 54.4% compared to the previous year. 9F shares fell $ 0.31 per ADR, or nearly 5%, to trade at $ 6.00 per ADR on June 17, 2020.
On June 24, 2020, the company reported an impairment loss on its receivables from PICC of more than $ 1.4 billion. 9F shares fell $ 0.57, or 14%, to trade at $ 4.05 per ADR on June 25, 2020.
On September 29, 2020, 9F announced its unaudited financial results for the first half of 2020 ending June 30, 2020. The company announced that loan volume was down over 90%, the number of active borrowers using its platform had decreased over 80% and the company’s total net sales were over in the first half of 2020 compared to the second half of 2019 60% down. In that news, 9F shares fell $ 0.20, or 18%, to trade at $ 0.91 per ADR on September 29. 2020.
Wolf Haldenstein has extensive experience prosecuting class and derivative disputes in state and federal courts and appeals courts across the country. The firm has lawyers in various fields of activity; and offices in New York, Chicago and San Diego. This law firm’s reputation and expertise in shareholder and other class disputes has been recognized repeatedly by the courts who have appointed them to key positions in complex securities multiple district and consolidated litigation.
If you would like to discuss this campaign or if you have any questions about your rights and interests in this case, please contact Wolf Haldenstein immediately by telephone at (800) 575-0735, by email at email@example.com or visit our website on www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, director of case and financial analysis
Email: firstname.lastname@example.org, email@example.com, or firstname.lastname@example.org
Tel .: (800) 575-0735 or (212) 545-4774
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.