Lufax Holding Ltd Faces Securities Fraud Lawsuit Over Alleged Undisclosed Related Party Transactions
Lufax Holding Ltd (NYSE: LU) is facing a securities class action lawsuit due to alleged undisclosed related party transactions that led to the removal of its auditor, PricewaterhouseCoopers. The company's stock dropped $0.63 per share over three days after the auditor withdrew its audit opinions for 2022 and 2023. The re-audit revealed significant financial restatements, including an overstatement of 2022 total income by RMB 493.8 million.
Tickers: $LU
Topics: auditor removal financial restatements related party transactions securities class action