Company: Jianpu Technology Inc.
Class Period: November 16, 2017 — November 24, 2017
Court: U.S.D.C. – Southern District of New York
Deadline: December 24, 2018
Kaskela Law LLC announces that an investor class action lawsuit has been filed against Jianpu Technology Inc. (NYSE: JT) (“Jianpu” or the “Company”) on behalf of investors who purchased the Company’s American Depository Shares (“Shares”) pursuant and/or traceable to Jianpu’s initial public offering (“IPO”) of Shares on or about November 16, 2017.
On or about November 17, 2017, Jianpu commenced its IPO, selling 22.5 million Shares to investors at $8.00 per share. The investor complaint alleges that the Company’s IPO offering materials contained inaccurate statements of material fact and/or omitted material information required to be disclosed in order to make such statements not misleading.
Specifically, the offering materials are alleged to have failed to disclose, among other things, that: (i) the China Banking Regulatory Commission and three other Chinese regulators had issued rules in August 2016 requiring peer-to-peer (“P2P”) lending companies to, among other things, appoint qualified banking institutions as custodians and disclose their use of deposits, and that China had determined to create the Financial Stability and Development Committee (“FSDC”) under its State Council to coordinate major financial reforms, as well as to implement market regulation and monetary and industrial policy, all of which would likely result in the disqualification of a significant majority of P2P lenders in China resulting in a dramatic reduction in the total number of existing, as well as potential, financial service providers that had been the primary source of Jianpu’s revenue.
According to the complaint, on November 21, 2017, just days after the IPO, several news sources reported that China’s FSDC had issued an urgent notice to provincial governments urging them to suspend regulatory approval of new internet micro-loan companies. Thereafter, the price of Jianpu’s Shares fell more than 38% during the three-day period ended November 24, 2017, to close at $4.90 per Share.
IMPORTANT DEADLINE: Investors who purchased Jianpu’s Shares pursuant and/or traceable to the Company’s IPO may, no later than December 24, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Jianpu investors who purchased the Company’s Shares and suffered a financial loss in excess of $50,000 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 to discuss this action and their legal rights and options and/or complete the information form on this page.