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LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming November 9, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased LexinFintech Holdings Ltd. (LexinFintech or the Company) (NASDAQ: LX): (a) American Depositary Shares (ADSs or shares) pursuant and/or traceable to the Companys December 2017 initial public offering (IPO or the Offering); and/or (b) securities between December 21, 2017 and August 24, 2020, inclusive (the Class Period). If you are a shareholder who suffered a loss, click here to participate. In December 2017, LexinFintech completed its IPO, selling 12 million ADSs at $9.00 per share. On August 25, 2020, Grizzly Research issued a report, alleging, among other things, that LexinFintech is reporting artificially low delinquency rates by essentially giving borrowers who are already in default new funds to make payments and that the Company engaged in undisclosed related party transactions. The report also questioned the Companys purported growth, citing a review of LexinFintechs web traffic. On this news, the Companys share price fell $0.47, or 5%, to close at $8.04 per share on August 25, 2020, thereby damaging investors. The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company's business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Follow us for updates on Twitter: twitter.com/FRC_LAW. If you purchased or otherwise acquired LexinFintech securities during the Class Period, you may move the Court no later than November 9, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Answer: The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against LexinFintech Holdings Ltd. (LX)