The Law Offices of Frank R. Cruz reminds investors of the upcoming September 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Wins Finance Holdings Inc. ("Wins" or the "Company") (NASDAQ: WINS) securities between October 31, 2018 and July 6, 2020, inclusive (the "Class Period").
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On July 6, 2020, after the market closed, Wins disclosed that on June 30, 2020 Centurion ZD CPA & Co. resigned as the Company's independent auditor. On this news, the Company's share price fell $2.06, or approximately 6%, to close at $31.70 per share on July 7, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the ultimate repayment of its RMB 580 million Guohong Loan was highly uncertain; (2) that nonpayment of the Guohong Loan would have a significant impact on the Company’s financial and operating condition; (3) that weaknesses in Wins’s internal control over its financial reporting persisted despite the Company’s repeated assurances to investors that it was taking steps to remediate these weaknesses; (4) that the foregoing issues, among others, made the resignation of Wins’s independent auditor foreseeably likely; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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If you purchased or otherwise acquired Wins securities during the Class Period, you may move the Court no later than September 23, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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