NEW YORK, Aug. 6, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Wins Finance Holdings, Inc. (NASDAQ: WINS) ("Wins" or "Company") securities between October 31, 2018 and July 6, 2020 (the "Class Period").
All investors who purchased shares of Wins Finance Holdings, Inc. and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Wins Finance Holdings, Inc., you may, no later than September 23, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Wins Finance Holdings, Inc.
Wins, through its subsidiaries, provides financing solutions for small and medium enterprises in the People's Republic of China. The Company offers financial guarantees, as well as financial leasing, advisory, consultancy, and agency services in Jinzhong City, Shanxi Province and Beijing.
On October 31, 2019, Wins filed a notification of inability to timely file Form 20-F on Form NT 20-F with the Securities and Exchange Commission ("SEC").
The following trading day, the Company's stock price declined from $11.90 to $11.20, or 5.8%.
On November 19, 2019, Wins issued a press release announcing its receipt of a notification letter from the NASDAQ Listing Qualifications and its intent to submit a plan of compliance, adding that the filing of the 2019 From 20-F was untimely due to the uncertainty over recovery of the Guohong Loan but assuring investors that failure to collect on the loan would "not impact the Company's ongoing operations."
Then, on May 26, 2020, Wins issued a press release announcing that the Company received a delisting determination letter from Nasdaq. The press release stated, in relevant part, "as disclosed previously, the Company is working assiduously to complete its delinquent filing with SEC and to regain compliance with the NASDAQ listing rule as soon as possible."
On this news, Wins' stock price closed at $7.81 per share, down $2.25 share on May 26, 2020, a decline of 22.3%.
The Company's undisclosed ongoing financial difficulties and material control weaknesses escalated on June 30, 2020, when Centurion ZD CPA & Co. ("CZD") resigned as the Company's independent auditor after less than three years in that role. On July 6, 2020, Wins issued a press release announcing CZD's resignation.
On this news, Wins' stock price fell $2.06 per share, or 6.1%, to close at $31.70 per share on July 7, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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