Important Information Regarding Section 20(a) Individual Liability Claims Against Lufax's CEO and CFO

Levi & Korsinsky, LLP alerts investors in Lufax Holding Ltd (NYSE: LU) of a pending securities class action naming two senior officers as individual defendants. Class Period: April 7, 2023 through January 26, 2025. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

Lufax ADS holders lost $0.40 per share (13.8%) on the initial corrective disclosure, with cumulative declines pushing shares from $2.89 to $2.26 over three trading sessions. A re-audit confirmed net profit overstatements of RMB 917.0 million (2022) and RMB 81.4 million (2023). The Court has set May 20, 2026 as the deadline to apply for lead plaintiff appointment.

The Named Individual Defendants

The securities action identifies Yong Suk Cho, who served as Chief Executive Officer at all relevant times, and David Siu Kam Choy, who served as Chief Financial Officer until April 2024. Both officers directly participated in Company management and were involved in drafting, reviewing, and disseminating the allegedly false annual reports filed with the SEC.

Sarbanes-Oxley Certification Obligations

The complaint charges that both Cho and Choy signed SOX certifications attached to the 2022 and 2023 Annual Reports on Form 20-F. Those certifications attested to:

• The accuracy of Lufax's financial reporting for fiscal years 2022 and 2023
• The effectiveness of the Company's disclosure controls and procedures
• The effectiveness of internal control over financial reporting under the COSO 2013 framework
• The disclosure of any material changes to internal controls
• The disclosure of all fraud involving management or employees with a significant role in internal controls

The action contends these certifications were materially false because Lufax's internal controls were deficient, and the resulting financial statements overstated net profit by nearly RMB 1 billion across two fiscal years.

Section 20(a) Control Person Framework

The lawsuit asserts that Cho and Choy are liable as "controlling persons" under Section 20(a) of the Securities Exchange Act of 1934. As pleaded, both officers exercised power and authority over the contents of Lufax's SEC filings, press releases, and public statements throughout the Class Period. Their positions gave them access to confidential information about the Company's true financial condition, including the adequacy of internal controls and the existence of the Subject Transactions that PricewaterhouseCoopers later flagged.

Speak with an attorney about recovering damages or call (212) 363-7500.

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When SOX certifications attest to effective internal controls that are later found deficient, and when net profit is overstated by hundreds of millions of RMB, the officers who signed those certifications face serious questions about their liability." -- Joseph E. Levi, Esq.

Submit your information to join the recovery or contact Joseph E. Levi, Esq. at (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

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