Critical Information: $0.63 Per-Share Loss Over Three Trading Days Quantifies Alleged Investor Damages Following Auditor Removal
NEW YORK
, April 23, 2026 /PRNewswire/ -- SueWallSt notifies investors in Lufax Holding Ltd (NYSE: LU) that a class action has been filed on behalf of shareholders who purchased securities between April 7, 2023 and January 26, 2025. Find out if you qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.
From a closing price of $2.89 on January 24, 2025, Lufax ADSs fell to $2.26 over three consecutive trading sessions following corrective disclosures on January 27, 2025. That $0.63 per-share decline represents the alleged removal of artificial inflation from the stock price. To be considered for lead plaintiff, investors must file by May 20, 2025.
The January 27 After-Hours Disclosure
The market repriced LU shares after Lufax disclosed it was removing PricewaterhouseCoopers as its auditor. PwC simultaneously revealed that its audit opinions for fiscal years 2022 and 2023 should no longer be relied upon, as set forth in the complaint. The announcement signaled that two years of previously certified financial results were materially unreliable.
Alleged Investor Damages and Loss Causation
The lawsuit maintains that Lufax's share price was artificially inflated throughout the Class Period because investors relied on financial statements that materially overstated net profit:
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January 27, 2025: LU fell $0.40 per ADS (13.8%) to close at $2.49
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January 28, 2025: LU fell an additional $0.17 per ADS (6.82%) to close at $2.32
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January 29, 2025: LU fell a further $0.06 per ADS (2.58%) to close at $2.26
- Cumulative three-day loss: $0.63 per ADS from the pre-disclosure price
- 2022 net profit was subsequently restated downward by RMB 917.0 million
- 2023 net profit was restated downward by RMB 81.4 million
What the Disclosure Revealed
The filing states that PwC raised concerns about possible related party transactions and could no longer rely on management representations provided during the 2022 and 2023 audits. Lufax's 2024 Annual Report later confirmed that total income for 2022 had been overstated by RMB 493.8 million and total expenses required adjustments of RMB 473.5 million for 2022 and RMB 90.0 million for 2023.
Join the Lufax recovery action or call (212) 363-7500.
"When companies fail to disclose material information, shareholders may suffer significant losses. The magnitude of Lufax's restatements and the withdrawal of two years of audit opinions underscore the seriousness of the alleged harm to investors." -- Joseph E. Levi, Esq.
ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.
CONTACT:
SueWallSt
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171
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SOURCE SueWallSt.com
