CLASS ACTION UPDATE for GSKY and PPDF: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

Globe Newswire 14-Jan-2019 4:14 PM

NEW YORK, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.

GreenSky, Inc. (NASDAQ:GSKY)
Class Period:
Class A common shareholders who purchased shares pursuant to the IPO on or around May 23, 2018
Lead Plaintiff Deadline: January 28, 2019
Join the action: https://www.zlk.com/pslra-1/greensky-inc-loss-form?wire=3

The Offering Documents were negligently prepared and, as a result,  contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading, and were not  prepared in accordance with the rules and regulations governing their preparation as the Offering Documents failed to disclose: (i) that GreenSky was transitioning away from the solar power market in favor of the elective  healthcare market; (ii) foreseeable negative effects on GreenSky's profits because of significant differences in transaction fees GreenSky charged to different classes of merchants; (iii) the primacy of the merchant mix as a  driver of GreenSky's transaction-fee revenue; (iv) the ongoing deterioration in  GreenSky's transaction-fee revenue, while touting GreenSky's growth and financial performance; (v) the negative impacts of GreenSky's changing  merchant mix on EBITDA; (vi) the markedly lower transaction fees GreenSky  charges to healthcare companies; and (vii) as a result of the foregoing, GreenSky's Offering Documents were materially false and misleading at all relevant times.

To learn more about the GreenSky, Inc. class action contact jlevi@levikorsinsky.com.

PPDAI Group Inc. (NYSE:PPDF)
Class Period: Purchasers of American Depositary Shares (1) pursuant or traceable to the F-1 registration statement, the F-6 registration statement, and related Prospectus issued in connection with PPDAI's initial  public stock offering held on or about November 10, 2017 (the "IPO" or "Offering") and/or (2) between November 10, 2017 and December 1, 2017
Lead Plaintiff Deadline: January 25, 2019
Join the action: https://www.zlk.com/pslra-1/ppdai-group-inc-ppdf-loss-form?wire=3

About the lawsuit: Throughout the class period, PPDAI Group Inc. allegedly made materially false and/or misleading statements and/or failed to disclose that: (1) PPDAI was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay; (2) many of PPDAI's customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAI's revenues and active borrower numbers and increasing the likelihood of defaults; (3) PPDAI was experiencing increasing delinquency rates, negatively affecting PPDAI's reserves; (4) PPDAI's purported "rapid growth" in the number and amount of loans had materially dropped off; (5) PPDAI was providing online loans to college students despite a government ban on the practice; (6) PPDAI was engaged in overly aggressive and improper collection practices; and (7) as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators. When the true details entered the market, the lawsuit claims that investors suffered damages.

To learn more about the PPDAI Group Inc. class action contact jlevi@levikorsinsky.com.

You have until the lead plaintiff deadlines to request the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com  

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