Lufax Holding Ltd. (NYSE: LU)

This lawsuit is for anyone who acquired securities in Lufax Holding Ltd. (NYSE: LU) from April 7, 2023 through January 26, 2025.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had adequate financial controls to prevent improper accounting when the Company lacked such controls.

On January 27, 2025, Lufax disclosed that it was proposing to remove its auditor, PricewaterhouseCoopers (“PwC”) because PwC had significant concerns about Lufax’s financial disclosures and, in particular, the 2022 and 2023 Annual Reports. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on February 17, 2025, Lufax confirmed that the 2022 and 2023 financial reports could not be relied on, finding “that certain line items were inaccurately recorded in the consolidated financial statements that [the Company] had previously issued.” Lufax’s 2024 Annual Report provided restated net profit figures for the affected years, showing material net profit declines from the original reports.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Lufax Holding Ltd. (NYSE: LU) from April 7, 2023 through January 26, 2025 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.