CLASS ACTION UPDATE for ADMS, AFI and XYF: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

ACCESS Newswire

Thu, Dec 26, 2019, 7:05 PM

NEW YORK, NY / ACCESSWIRE / December 26, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.

ADMS Shareholders Click Here: https://www.zlk.com/pslra-1/adamas-pharmaceuticals-inc-loss-form?prid=5063&wire=1
AFI Shareholders Click Here: https://www.zlk.com/pslra-1/armstrong-flooring-inc-loss-form?prid=5063&wire=1
XYF Shareholders Click Here: https://www.zlk.com/pslra-1/x-financial-loss-form?prid=5063&wire=1

* ADDITIONAL INFORMATION BELOW *

Adamas Pharmaceuticals, Inc. (ADMS)

ADMS Lawsuit on behalf of: investors who purchased August 8, 2017 - September 30, 2019
Lead Plaintiff Deadline: February 10, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/adamas-pharmaceuticals-inc-loss-form?prid=5063&wire=1

According to the filed complaint, during the class period, Adamas Pharmaceuticals, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) health insurers were excluding Adamas's primary product, GOCOVRI, from their prescription formularies or requiring patients to use "step therapy" - i.e., making patients try immediate-release amantadine prior to covering GOCOVRI; (2) the rapid increase in physicians prescribing GOCOVRI during the Class Period was not due to its efficacy; and (3) as a result of the foregoing, the Company's financial statements about Adamas's business, operations, and prospects were materially false and misleading at all relevant times.

Armstrong Flooring, Inc. (AFI)

AFI Lawsuit on behalf of: investors who purchased March 6, 2018 - November 4, 2019
Lead Plaintiff Deadline: January 14, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/armstrong-flooring-inc-loss-form?prid=5063&wire=1

According to the filed complaint, during the class period, Armstrong Flooring, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had engaged in channel stuffing to artificially boost sales; (2) the Company's internal control over inventory levels was not effective; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis

X Financial (XYF)

XYF Lawsuit on behalf of: investors who purchased X Financial American Depositary Shares pursuant and/or traceable to the Company's September 19, 2018 initial public offering.
Lead Plaintiff Deadline: February 7, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/x-financial-loss-form?prid=5063&wire=1

According to the filed complaint, (i) the Company's total loan facilitation amount was not growing, but rather was contracting; (ii) the number of investors actively using X Financial's platform was shrinking; (iii) demand from small- and medium-sized enterprises for the Company's preferred loans was plummeting; (iv) the Company's preferred loans had performed so poorly that it had begun drastically scaling back its preferred loans in the first quarter of 2018, several months before the initial public offering ("IPO"), and was in the process of phasing out such loans completely; (v) demand for the Company's card loans was also plummeting; (vi) the revenue and loan facilitation growth provided in the registration statement leading up to the IPO was achieved by relaxed credit and due diligence standards, under which the Company had underwritten tens of millions of dollars' worth of poor quality loans that suffered from a disproportionately high risk of default as compared to the Company's earlier loan vintages; (vii) the Company was suffering from accelerated delinquency rates from poor quality loans that it had underwritten in the first, second, and third quarters of 2018, which had caused the Company's delinquency rate to sharply rise; (viii) the Company's product mix had significantly deteriorated; (ix) the Company's net revenue was on track to decline by 22% during the third quarter of 2018; and (x) as a result, the Registration Statement was materially false and/or misleading and failed to state information required to be stated therein.

You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

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