It is not uncommon for Chinese concept stocks to encounter a "class action lawsuit" in the United States. Before Yimin Loan, companies such as New Oriental and Ahri had been sued successively.

To put it bluntly, there are many people in the United States, and they are not convinced when they lose money in the casino.

In addition, there are many law firms in the United States that are just bad for money, and there are law firms that specialize in focusing on listed companies to make a fortune.

The law firm that targeted Yimin Loan this time is called Lawson Law Firm, a global investor rights protection law firm.

The law firm had sued Ahri, but the lawsuit was dismissed.

The lawsuit against New Oriental ended with New Oriental settling out of court with $4.75 million.

Anyway, there are wins and losses in the record, and what is pictured is the word "wealth".

Lawson Law Firm announced that it is investigating a potential securities claim on behalf of investors in Yimin Loan, a Chinese internet finance company, following allegations that Yimin Loan had published highly misleading business information to investors.

Lawson Law Firm also alleges that Yimin Loan acquiesced in the occurrence of fraud on its platform and deliberately increased its operating income.

Then, the firm placed an advertisement in a local newspaper saying it had filed a class-action lawsuit against Yimin Loan and its executives on behalf of investors who purchased shares between March 11 last year and March 14 this year.

The reason was that Yimin Loan violated the U.S. Federal Securities Exchange Act by making false and misleading statements and failing to disclose relevant information.

The U.S. District Court for the Central District of California accepted the case.

When the news came out, the share price of Yimin Loan fell sharply again, and as of the close of trading on the 15th, the stock price closed at $9.23, with a market value of $2.133 billion.

The share price has fallen 40% from the issue price of $15.5.

Zhang Yida convened a group of major shareholders of Yimin Loan to discuss a solution.

"Lawson Law Firm is a well-known hyena, and New Oriental was targeted by them once, and it cost nearly $5 million to settle it. ”

When Xu Xiaoming talked about this, his face was full of disdain.

I don't know if I disdain Dongfang Yu's weakness or disdain the professional ethics of Lawson Law Firm.

Zhang Yida smiled coldly, "Reconciliation is impossible to reconcile, I would rather spend $10 million to hire the top law firm than pay Lawson $1." ”

Shen Beipeng frowned, the two major events of "Xueba 1-on-1 Running Away" and "Class Action" had a very serious impact on the stock price of Yimin Loan.

Blackshirt Capital cashed out from Yimin Netfinance and Yimin Wealth, but Yimin Loan was listed at the latest, and it has only been listed for a year today.

As soon as the six-month lifting period has passed, Black Shirt Capital has been reducing its holdings in large quantities, but it has only reduced its holdings by half so far.

Now that this kind of thing happens, the reduction can only be suspended.

If you want to recover to the high market value of $5 billion, you don't know how long it will take?

Thinking of this, Shen Beipeng tore the heart of Lawson Law Firm.

Lenovo Zhang Yida frantically reduced his holdings of the shares of three listed companies in the Yimin system last year, and Shen Beipeng felt that it was too prescient.

Not only in the face of these bad things this year, the attitude of the regulators has been ambiguous, and no one knows how long the road of Internet financial innovation can go.

Shen Beipeng said: "I support, I read the cause of action of Lawson & Associates, it is simply a joke, I don't know where to find a lame reason."

We can't tolerate it, the more you tolerate it, the more others will have to make inch.

If you settle with Lawson Law Firm, then other law firms will come to your door.

To give money or not to give money?"

Wang Jingbo of Gopher Assets sat aside and didn't speak, with a sad face, she felt that she was on a thief ship.

More than a year ago, it acquired a 2% stake in Yimin Loan for a consideration of US$46.66 million, when Yimin Loan was valued at US$2.333 billion.

Now that Yimin Loan has been listed, the 2% stake in Gopher Assets has been diluted, and only 1.73% remains.

At this year's closing price, this equity is worth $36.9 million.

The loss, the loss is big, not to mention the more than a year in vain, the book loss will be nearly 10 million US dollars.

She regrets now that she didn't follow Zhang Yida when she saw her reduce her holdings last year.

In fact, this is not to blame her, last year, one after another Internet financial companies went public, and they all thought that the industry had finally ushered in a big explosion.

At that time, Wang Jingbo saw that Yimin Loan's financial report was so good and the growth rate was so gratifying, and he thought that Yimin Loan was likely to surpass Miao Installment and stand at the level of tens of billions of US dollars.

But seeing the current situation, if you can lose less, you can think of it as a gain.

She glanced at Shen Beipeng lightly, her eyes full of resentment.

It was because of Shen Beipeng's matchmaking that she was unlucky enough to take out a Yimin loan.

In addition, Blackshirt Capital recommended Yimin Netgold to her, and Gopher Asset participated in the private placement of Yimin Netgold at a price of $49 and spent $245 million to buy 5 million ADSs.

Now, the share price of Yimin Netgold has fallen to about $30, and the investment alone has a paper loss of nearly $100 million.

Right now, what she's most torn about is cutting her losses now or waiting for the stock price to climb.

She didn't express any opinions, she felt that after the meeting, it was necessary to talk to Zhang Yida.

Shareholder representatives of CITIC Industrial Investment Fund and China Merchants also expressed their views and supported Yimin Loan in this lawsuit.

The two institutions entered the market at a valuation of $1.5 billion, and the books were still profitable, but they were not in a hurry.

Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley entered the same round as Gopher Assets.

However, after all, it is a veteran investment bank, and its risk management is in place, and it has already cashed out some stocks last year.

There is basically no loss on the books, but there is still a part of the equity that has not been cashed out.

Now they have encountered a Lawson Law Firm that is blocking the way to money, and the three institutions are very angry.

Robert of Goldman Sachs spoke: "Mr. Zhang, I support you, a notorious law firm like Rosen cannot let them taste any sweetness.

Wall Street is a place where the law of the jungle eats the strong, and Yimin Loan must take a tough attitude. ”

Morgan Stanley's Evans was more direct, saying: "Morgan Stanley has several law firms that have been working with for many years, all of which are well-known law firms in the United States, and they can be introduced to Yimin Loan. ”

Bank of America Merrill Lynch's Wang Zheng said with a smile: "Lawson Law Firm, jumping beam clown, so many of our shareholders are here, can we still be afraid that he will not succeed?"

Wang Zheng looked at Zhang Yida with a smile, and said: "Bank of America Merrill Lynch headquarters has spoken, if necessary, Yimin Loan can entrust Bank of America Merrill Lynch to act as the sole agent of this case."

A little thing is not worth Mr. Zhang's distraction. ”

Is BofA Merrill Lynch so good?

When Zhang Yida was thinking about the reason for this, Robert was the first to react, "Yes, it's just a little thing, and Goldman Sachs can also help solve it." ”

Evans smiled: "Leave it to Morgan Stanley, and within a week, give Mr. Zhang a perfect solution." ”

Shen Beipeng, Xu Xiaoming and the others were thoughtful, this is too good at licking, right?

Zhang Yida understands the intentions of the three of them and the investment bank behind them, which is thinking about the underwriter qualifications of Ruixiang and Zhonghe.

"Hehe, the three of you are really old-fashioned!"

Zhang Yida smiled lightly, "Won't this be too troublesome for you?"

"No hassle, no hassle. ”

Robert waved his hand again and again, "We are also shareholders, we should do something for Yimin Loan." ”

The other two also nodded, and said nice things in a hearty way.

"Okay, then please three of you! How much lawyer fees are needed, Yimin Loan will be transferred to you. ”

Wang Zheng said with a smile: "What kind of money is not money, a little thing, there is no need to break the bank." ”

Robert and Evans looked at each other, and both saw the surprise in each other's eyes.

Immediately, the two also nodded one after another, indicating that they didn't need to spend money.

Seeing that they were so enthusiastic, Zhang Yida simply threw the task to them.

If you want to be an underwriter, you must also show your muscles.