On July 6, 2020, after the market closed, Wins disclosed that on June 30, 2020 Centurion ZD CPA & Co. resigned as the Company’s independent auditor. On this news, the Company’s share price fell $2.06, or approximately 6%, to close at $31.70 per share on July 7, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the ultimate repayment of its RMB 580 million Guohong Loan was highly uncertain; (2) that nonpayment of the Guohong Loan would have a significant impact on the Company’s financial and operating condition; (3) that weaknesses in Wins’s internal control over its financial reporting persisted despite the Company’s repeated assurances to investors that it was taking steps to remediate these weaknesses; (4) that the foregoing issues, among others, made the resignation of Wins’s independent auditor foreseeably likely; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Wins Finance Holdings Inc.

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There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.

We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.

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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
8240 Beverly Blvd., Suite 9
Los Angeles, CA 90048
info@portnoylaw.com