| YOUR LEGAL RIGHTS
AND OPTIONS IN THE SETTLEMENT:
|
|
SUBMIT A CLAIM FORM
POSTMARKED NO LATER THAN APRIL 14, 2021.
|
The claims filing deadline has passed.
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|
EXCLUDE YOURSELF FROM
THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN APRIL 6, 2021.
|
The date to exclude yourself form the Class has passed.
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OBJECT TO THE SETTLEMENT
BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN APRIL 6, 2021.
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The date to object to teh Settlement has passed.
|
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DO NOTHING.
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Get
no payment AND give up rights to bring your own individual action.
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The Settlement Hearing
The
Settlement Hearing will be held on June 8, 2021 at 2:00 p.m., before the Honorable Jesse M. Furman in
Courtroom 1105, United States District Court for the Southern District of New
York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY
10007. The Court reserves the right to approve the
Settlement, the Plan of Allocation, Co-Lead Counsel’s motion for an award of attorneys’ fees and
reimbursement of Litigation Expenses, and/or any other matter related to the
Settlement at or after the Settlement Hearing without further notice to the
members of the Class. In light of the ongoing
pandemic the Court may choose to hold the Settlement Hearing telephonically or
via videoconference, in which case, notice will be provided to the Class on the
Court’s docket and this website.
Class Members do not need to attend the Settlement Hearing. The Court will
consider any submission made in accordance with the provisions below even if a
Class Member does not attend the hearing.
You can participate in the Settlement without attending the Settlement
Hearing
What is this case
about?
Qudian is a leading online “micro-lender” located in
China. Micro-lenders typically provide
small loans to consumers. The Action arises out of alleged
misrepresentations and omissions contained in the Registration Statement for
Qudian’s October 2017 IPO.
Among
other things, the Second Amended Complaint alleges that Defendants violated the
Securities Act by failing to disclose a pre-IPO plan for Qudian to launch an
auto finance business called “Dabai Auto” and thus misrepresented the true
state of Qudian’s business, operations, and risks Qudian was facing at the time
of its IPO. In addition, the Second
Amended Complaint alleges separate misrepresentations or omissions concerning
(i) Qudian’s alleged lending to college students in violation of Chinese law,
(ii) Qudian’s allegedly aggressive and unlawful debt collection practices,
(iii) allegedly excessive penalty fees that exceeded the statutory limit, and
(iv) an alleged data breach and failure to disclose inadequate data security.
The Second Amended Complaint further alleges that, as a result of the alleged
misrepresentations and omissions, the price of Qudian’s ADS was artificially
inflated, and declined when the truth was revealed.
The
Stipulation (together with the exhibits hereto) reflects the final and binding
agreement between the Parties to fully and finally settle and release all
claims that were asserted or could have been asserted in the Action in return
for a cash payment by or on behalf of Defendants of $8,500,000 for the benefit
of the Class.
The
Stipulation constitutes a compromise of matters that are in dispute between the
Parties. Defendants are entering into
this Stipulation solely to eliminate the uncertainty, burden, and expense of
further litigation. Each of the Defendants denies any wrongdoing, and neither
this Notice nor the Stipulation shall in any event be construed or deemed to be
evidence of or an admission or concession on the part of any of Defendants’
Releasees with respect to any claim or allegation of any fault, liability,
wrongdoing, or damage whatsoever or any infirmity in the defenses that
Defendants have, or could have, asserted.
On November
16,
2020, the Court
preliminarily approved the Settlement, authorized the Notice to be disseminated to potential Class Members, and scheduled
the Settlement Hearing to consider whether to grant final approval to the
Settlement.
The Settlement Benefits
Pursuant to the Settlement, Defendants have agreed to pay or caused to be paid eight million five hundred thousand dollars ($8,500,000). The Settlement
Amount will be deposited into an escrow account. The
Settlement Amount plus any interest earned thereon is referred to as the
“Settlement Fund.” If the Settlement is
approved by the Court and the Effective Date occurs, the “Net Settlement
Fund” (that is, the Settlement Fund less
(a) all federal, state and/or local taxes on
any income earned by the Settlement Fund and the reasonable costs incurred in
connection with determining the amount of and paying taxes owed by the
Settlement Fund (including reasonable expenses of tax attorneys and
accountants); (b) the costs and expenses incurred in connection with providing
notice to Class Members and administering the Settlement on behalf of Class
Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the
Court) will be distributed to Class Members who submit valid Claim Forms, in accordance with the proposed Plan of
Allocation or such other plan of allocation as the Court may approve.
Further Information
This website and the Notice summarize the Settlement. For
more details regarding the Settlement please reference the Settlement Agreement,
or other documents filed in the case under the “Court Documents” link on the
left. You may also contact the Claims Administrator or Lead Counsel for
further information regarding the Settlement:
Claims Administrator:
In
re Qudian Securities Litigation
c/o
A.B. Data, Ltd.
PO
Box 173114
Milwaukee,
WI 53217
(877)
884-2550
info@QudianSecuritiesSettlement.com
Lead
Counsel:
Glancy Prongay &
Murray LLP
Jonathan Rotter Esq.
1925 Century Park East
Suite 2100
Los Angeles, CA 90067
(888) 773-9224
settlements@glancylaw.com
Zwick Law Firm
Jack I. Zwick Esq.
225 Broadway
Suite 1440
New York, NY 10007
(212) 385-1900
jack@zwickfirm.com