The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired 9F Inc. (“9F” or the “Company”) (NASDAQ: JFU) securities during the period from August 11, 2019 through September 29, 2020 (the “Class Period”). Investors have until March 22, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, the materials supporting the Offering, and defendants throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) the purported value and benefits of the Company's financial institution partners and its tri-party cooperation business model did not in fact exist and/or were materially overstated, given that 9F and Property and Casualty Company Limited ("PICC") had been engaged in an ongoing contractual dispute regarding payment of service fees under the Cooperation Agreement; (2) the collectability of service fees owed to 9F by PICC under the Cooperation Agreement was in doubt and at serious risk of non-payment; (3) there was a significant risk that PICC would no longer provide credit insurance and guarantee protection to investors and institutional funding partners; (4) as a result of the foregoing, the Company's platform, business model, reputation and financial results had been materially impaired; and (5) as a result, defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired 9F securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.