PINTEC TECHNOLOGY HOLDINGS LIMITED CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against of Pintec Technology Holdings Limited
NEW YORK, Oct. 20, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the American Depositary Receipts ("ADR's") of Pintec Technology Holdings Limited ("Pintec" or the "Company") (NASDAQ: PT) pursuant and/or traceable to Pintec's October 2018 initial public offering ("IPO" or the "Offering").
All investors who purchased ADR's of Pintec Technology Holdings Limited and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADR's of Pintec Technology Holdings Limited, you may, no later than November 30, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of ADR's of Pintec Technology Holdings Limited.
In October 2018, Pintec completed its IPO in which it sold more than 3.7 million American Depositary Receipts at $11.88 per share.
On July 30, 2019, after the market closed, Pintec filed its fiscal 2018 annual report, in which it restated previously disclosed financial results. Among other things, Pintec reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of $1.068 million net income. The Company also disclosed that there were material weaknesses in its internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs.
On this news, Pintec's share price fell $0.53, or more than 13%, over the next several trading sessions, to close at $3.40 per share on August 5, 2019.
On June 15, 2020, after the market closed, the Company disclosed that it could not timely file its fiscal 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically, Pintec disclosed that it "erroneously recorded revenue earned from certain technical service fee on a net basis" for fiscal 2017 and 2018. Moreover, the Company "announced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200 million of impairment in prepayment for long-term investment."
Pintec ADR's are presently trading at $0.94, a nearly 95% decline from the $11.88 per share IPO price.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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