On April 8, 2020, Hon. Gregory H. Woods, United States District Judge for the Southern District of New York, approved the selection of KSF as Co-Lead Counsel for the Class in Bellingham v. Qudian Inc. et al., Case No. 1:20-cv-0577-GHW. Plaintiffs allege that, throughout the Class Period (December 13, 2018 through January 15, 2020), Defendants made materially false and misleading statements and failed to disclose material information regarding the negative effect developments in China’s regulatory environment had on Qudian’s business and operations. The complaint further alleges that when the truth was finally brought to light on January 16, 2020 (after Qudian issued a press release withdrawing its fiscal year 2019 guidance and stating it would not issue near-term guidance due to uncertainty related to the recent regulatory and operating environment), Qudian’s ADSs fell $0.84 per share, or 19.13.