Qudian Investors Fight Bid To Nix Securities Suit Over IPO

Law360 (September 25, 2020, 5:12 PM EDT) -- A proposed class of investors in online microlender Qudian Inc. urged a New York federal judge Thursday to reject bids to dismiss a securities suit alleging the Chinese company hid its unfair debt collection practices, business plan and data vulnerabilities, causing its stock to tank after its initial public offering.

In a 25-page opposition brief filed by Alan B. Hertz, the Alan Hertz Family 2012 Trust and Darwin Sutanto, the investors argue that Qudian director defendants either signed the company's registration statement or authorized it, and Qudian's senior management, including the company's board, solicited the sale of Qudian shares in the...

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