The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Lufax Holding Ltd. (“Lufax” or the “Company”) (NYSE: LU) securities between April 7, 2023 and January 26, 2025, inclusive (the “Class Period”). Lufax investors have until May 20, 2026 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR LUFAX HOLDING LTD. (LU) INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On January 27, 2025, Lufax disclosed that it was proposing to remove its auditor, PricewaterhouseCoopers (“PwC”) because PwC had significant concerns about Lufax’s financial disclosures and, in particular, the 2022 and 2023 Annual Reports.
On this news, Lufax’s stock price fell $0.40, or 13.8%, to close at $2.49 per share on January 27, 2025, thereby injuring investors.
On February 17, 2025, Lufax confirmed that the 2022 and 2023 financial reports could not be relied on, finding “that certain line items were inaccurately recorded in the consolidated financial statements that [the Company] had previously issued.” Lufax’s 2024 Annual Report provided restated net profit figures for the affected years, showing material net profit declines from the original reports.
What Is The Lawsuit About?
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 that: (1) Lufax lacked adequate internal controls; (2) Certain of Lufax’s financial results were materially misstated; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Contact Us To Participate or Learn More:
If you purchased Lufax securities, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
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