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SAN FRANCISCO, July 21, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges 360 DigiTech, Inc. (NASDAQ: QFIN) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
360 DigiTech, Inc. (QFIN) Securities Fraud Class Action:
The complaint alleges that Defendants falsely claimed that 360 DigiTech protects the privacy of its borrowers and maintains high standards of compliance with People’s Republic of China (“PRC”) regulations, while omitting to disclose material facts.
Specifically, Defendants concealed that: (i) the company had been collecting personal information in violation of relevant PRC laws and regulations; and (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action.
The truth emerged on July 8, 2021, when reports circulated that 360 DigiTech’s core product (the 360 IOU app) had been removed from major app stores. In addition, media outlets reported that reason for the removal may stem from interviews PRC financial regulators conducted of 360 DigiTech and other major Fintech platforms on Apr. 29, 2021, during which the PRC central bank reportedly pointed out that online platform companies like 360 DigiTech “generally have unlicensed or over-licensed financial services, imperfect corporate governance mechanisms, and regulatory arbitrage, Unfair competition [ sic ], damage to consumers’ legal rights and other serious violations.”
In response, the price of 360 DigiTech American Depositary Shares sharply fell on July 8, 2021.
“We’re focused on investors’ losses and proving 360 DigiTech concealed the risk posed by its personal information collection activities,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in 360 DigiTech and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding 360 DigiTech should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895