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Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Fanhua, Inc. Investors (FANH)

September 21, 2018

LOS ANGELES--(BUSINESS WIRE)--Sep 20, 2018--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Fanhua, Inc. (“Fanhua” or the “Company”) (NASDAQ:  FANH ) securities between  April 20, 2018 through August 27, 2018,  inclusive (the “Class Period”). Fanhua investors have until  November 6, 2018 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click  here  to participate.

On August 27, 2018, stock analyst Seligman Investments published an article labeling Fanhua 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. On this news, Fanhua’s ADS price fell $2.75 per share, or 10.52%, to close at $23.40 on August 27, 2018, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Fanhua engaged in improper business practices, including irregular accounting; (ii) the foregoing practices were intended to benefit Company insiders and overstated Fanhua’s financial assets and performance metrics; and (iii) as a result, Fanhua’s public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Fanhua, during the Class Period you may move the Court no later than  November 6, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180920006007/en/

CONTACT: Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com  

shareholders@glancylaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2018.

PUB: 09/20/2018 08:47 PM/DISC: 09/20/2018 08:47 PM

http://www.businesswire.com/news/home/20180920006007/en

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