360 DigiTech, Inc.

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Case Summary
Company Name: 360 DigiTech, Inc.
Stock Symbol : NASDAQ: QFIN
Class Period Start: 04/30/2020
Class Period End: 07/07/2021
Lead Plaintiff motion: 09/13/2021
Date Filed: 07/14/2021
Type of Case: Securities Class Action
Court: U.S. District Court for the Southern District of New York
Summary:

Thieler Law Corp advises investors with losses exceeding $100,000 of the June 18, 2021.lead plaintiff deadline in a class action lawsuit filed against 360 DigiTech, Inc. (NASDAQ: QFIN) (360 DigiTech, Inc. or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased  360 DigiTech, Inc. (NASDAQ: QFIN)securities between April 30, 2020 and July 7, 20211 (“Class Period”), have until September 13, 2021. to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased  360 DigiTech, Inc. (NASDAQ: QFIN)securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

360 DigiTech, through its subsidiaries, operates a digital consumer finance platform under the 360 Jietiao brand in the People’s Republic of China (“PRC”). Its platform provides online consumer finance products to the borrowers funded by institutional funding partners. The Company also provides incremental credit assessment, collection, and other services, as well as guarantee for defaulted loans. The Company was formerly known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020.

 

On July 8, 2021, reports circulated on social media to the effect that the Company’s core product, the 360 IOU app, had been removed from major app stores. The reports came on the heels of the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices.

 

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company had been collecting personal information in violation of relevant People’s Republic of China (“PRC”) laws and regulations; (2) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

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