Wins Finance Holdings Inc.: Last Days to Participate Actively in the Class Action Lawsuit
Investors are encouraged to contact the firm before September 23, 2020; click here to submit trade information
LOS ANGELES, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Wins Finance Holdings Inc. (NASDAQ: WINS) investors that acquired shares between October 31, 2018 and July 6, 2020. Investors have until September 23, 2020 to seek an active role in this litigation.
On July 6, 2020, after the market closed, Wins disclosed that on June 30, 2020 Centurion ZD CPA & Co. resigned as the Company’s independent auditor. On this news, the Company’s share price fell $2.06, or approximately 6%, to close at $31.70 per share on July 7, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the ultimate repayment of its RMB 580 million Guohong Loan was highly uncertain; (2) that nonpayment of the Guohong Loan would have a significant impact on the Company’s financial and operating condition; (3) that weaknesses in Wins’s internal control over its financial reporting persisted despite the Company’s repeated assurances to investors that it was taking steps to remediate these weaknesses; (4) that the foregoing issues, among others, made the resignation of Wins’s independent auditor foreseeably likely; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 23, 2020.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.