360 DigiTech, Inc. Securities Fraud Investigation
Berger Montague is investigating securities fraud claims against 360 DigiTech, Inc. (“360 DigiTech” or the “Company”) on behalf of investors who purchased 360 DigiTech securities (NASDAQ: QFIN) between April 30, 2020 and July 7, 2021 (the “Class Period”).
About the case
360 DigiTech is an operator of a digital consumer finance platform in the People’s Republic of China. According to a recently filed lawsuit, the Company and its senior executives misled investors and/or failed to disclose that 360 DigiTech had been collecting personal information in violation of relevant PRC laws, thus exposing the Company to increased regulatory scrutiny.
On July 8, 2021, reports circulated on social media that 360 DigiTech’s core product, the 360 IOU app, had been removed from major app stores. On this news, the Company’s share price fell $7.12 per share, more than 21%, to close at $26.02 on July 8, 2021.
Then, on July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android app store and quoted a 360 DigiTech spokesperson as stating that the Company had “submitted a new rectification plan and stepped up the whole process.”
Whistleblowers: Anyone with non-public information regarding 360 DigiTech is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.