FANHUA LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Fanhua Inc. To Contact The Firm
NEW YORK--(BUSINESS WIRE)--Oct 9, 2018--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fanhua, Inc.(“Fanhua or the “Company”) (NASDAQ:FANH) of the November 6, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Fanhua stock or options between April 20, 2018 and August 27, 2018 and would like to discuss your legal rights, click here:www.faruqilaw.com/FANH. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to .
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Fanhua securities between April 20, 2018 and August 27, 2018 (the “Class Period”). The case, Long v. Fanhua, Inc., No. 18-cv-08183 was filed on September 7, 2018, and has been assigned to Judge Paul Adam Engelmayer.
The lawsuit focuses on whether the Company made false and/or misleading statements and/or failed to disclose that: (1) Fanhua engaged in improper business practices, including irregular accounting; (2) the foregoing practices were intended to benefit Company insiders and overstated Fanhua’s financial assets and performance metrics; and (3) as a result, Fanhua’s public statements were materially false and misleading at all relevant times.
Specifically, on August 27, 2018, stock analyst Seligman Investments published an article that described Fanhua as a “questionable company” and detailed a history of alleged fraud within the Company, including accounting irregularities in the Company’s second quarter 2018 financial results.
After the announcement, Fanhua’s share price fell from $26.15 per share on August 24, 2018 to a closing price of $23.40 on August 27, 2018—a $2.75 or a 10.52% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fanhua’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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PUB: 10/09/2018 05:18 PM/DISC: 10/09/2018 05:18 PM