LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of X Financial (“X Financial” or the “Company”) (NYSE: XYF) investors concerning the Company and its officers’ possible violations of federal securities laws.
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In September 2018, the Company completed its initial public offering (“IPO”) selling 11.7 million American Depositary Shares (“ADSs”) at $9.50 per ADS.
On November 19, 2018, X Financial announced its third quarter 2018 financial results, reporting that its delinquency rate for loans was 3.51%, or more than a 40% increase from the prior quarter.
Then, on May 21, 2019, X Financial acknowledged that it was unlikely to achieve significant loan or revenue growth because its preferred loan business had failed over the last year and that it would shelve the entire business.
As of November 22, 2019, X Financial’s share price has fallen $7.76 per share, or more than 81%, from the initial IPO price of $9.50 per share.
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If you purchased X Financial securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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