Robbins LLP is Investigating Allegations that Lufax Holding Ltd. (LU) had Inadequate Internal Controls

Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Lufax Holding Ltd. (NYSE: LU) securities between April 7, 2023 and January 26, 2025. Lufax Holding Ltd engages in the retail credit and enablement business to borrowers and institutions in China. 

The Allegations:

According to the complaint, during the class period, defendants made material misstatements in their financial reports and lacked adequate internal controls.

Plaintiff alleges that on January 27, 2025, Lufax announcement it was proposing to remove its auditor. The announcement revealed that Lufax fired PricewaterhouseCoopers (“PwC”) because PwC had significant concerns about Lufax’s financial disclosures and, in particular, the Company's 2022 and 2023 Annual Reports. PwC’s concerns were such that its audit opinions for the 2022 and 2023 Annual Reports were no longer to be relied upon. On this news, Lufax ADSs fell $0.40 per ADS, or 13.8%, to close at $2.49 per ADS on January 27, 2025. The following day, Lufax ADSs fell a further $0.17 per ADS, or 6.82%, to close at $2.32 per ADS on January 28, 2025. Finally, on January 29, 2025, Lufax ADSs fell a further $0.06 per ADS, or 2.58%, to close at $2.26 per ADS.

What Now: You may be eligible to participate in the class action against Lufax Holding Ltd. Shareholders who wish to serve as lead plaintiff for the class must submit their papers to the court by May 20, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.