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STEVENSON, Md., — The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Fanhua, Inc. (Nasdaq: FANH) (“Fanhua” or the “Company”) securities during the period between April 20, 2018 through August 27, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until November 6, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Fanhua securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Fanhua engaged in improper business practices, including irregular accounting, that were intended to benefit Company insiders and overstated Fanhua’s financial assets and performance metrics.
According to the complaint, following an August 27, 2018 article that detailed a history of alleged fraud within the Company, the value of Fanhua shares declined significantly
If you have suffered a loss in excess of $100,000 from investment in Fanhua securities purchased on or after April 20, 2018 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.