An investor lawsuit has been filed accusing Wins Finance Holdings Inc. (NASDAQ: WINS) of making false or misleading statements regarding its projected earnings, valuation, and future business operations which artificially inflated the price of the Company’s shares. On March 30, 2017, SeekingAlpha.com published an article stating that the SEC is actively investigating Wins Finance for alleged “market manipulation.” When this news was announced, the stock price of Wins Finance fell, causing investors harm.
According to the lawsuit, defendants made false or misleading statements or failed to disclose that: (1) Wins did not maintain a U.S. headquarters; (2) Wins had intentionally misrepresented its headquarters to gain inclusion on the Russell indexes; (3) Wins was not in compliance with SEC regulations; and (4) Wins failed to maintain adequate internal controls. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit was recently filed against Wins. Investors who wish to serve as lead plaintiff must move the Court no later than June 5, 2017. If you wish to join the litigation, please contact Paul Scarlato at (484) 342-0700 or by email at [email protected].
