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Investigations  /  09.29.2020

Investigation of 9F Inc.

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9F Inc. (JFU) Accused of Misleading Shareholders

9F conducted its IPO on August 15, 2019, selling over 8 million ADS shares for $9.50 per share.  According to the complaint, the Registration Statement failed to disclose that 9F was in a dispute with its insurance partner, PICC, resulting in multiple legal actions in China.  Further, the Registration Statement failed to disclose that PICC was challenging, delaying, and otherwise failing to pay service fees to 9F under the parties’ agreement, rendering the collectability of services fees owed to 9F by PICC doubtful and as risk of non-payment.

On June 15, 2020, 9F stated it could not timely file its annual report with the SEC because of its dispute with PICC.  The notice indicated that the Company’s dispute with PICC predated its IPO and was expected to have significant impact on the results of its 2018 and 2019 operations.  In addition, a press release issued on June 17, 2020, further reaffirmed that 9F’s dispute with PICC predated the IPO and had caused material damage to 9F’s business, operations, and financial results. By September 24, 2020, 9F traded at $0.80 at per share, a more than 90% decline from its IPO price.

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