Law firm Bleichmar Fonti & Auld LLP announced on November 3, 2026 that a securities fraud class action lawsuit has been filed against Qfin Holdings, Inc. (NASDAQ:QFIN) and certain of its senior executives in the U.S. District Court for the Eastern District of New York.

Key Highlights

  • Case caption: The action is captioned Kassam v. Qfin Holdings, Inc. et al., No. 26-cv-6024, pending in the U.S. District Court for the Eastern District of New York.
  • Lead plaintiff deadline: Investors have until November 27, 2026 to ask the court to be appointed to lead the case.
  • Stock drop: According to the announcement, Qfin's American Depositary Shares dropped $2.18 per ADS, or 18.9%, on August 26, 2026, falling from $11.53 to $9.35 per ADS.
  • Alleged financial results: The complaint references Qfin's Q2 and interim 2026 unaudited results, which the announcement states showed total net revenue fell 31.6% year-over-year and net income fell 76.8% year-over-year.
  • Legal claims: The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
  • Alleged misconduct: The complaint alleges defendants misrepresented the scope and severity of the negative impact that regulatory headwinds were having on Qfin's business and financial results.

Securities Fraud Allegations Against Qfin Holdings and Senior Executives

According to the announcement from Bleichmar Fonti & Auld LLP, the class action alleges that Qfin Holdings, Inc. and certain senior executives made materially false or misleading statements about the company's ability to adapt to regulatory changes in the People's Republic of China. The complaint alleges that defendants described Qfin's business as "resilient," "steady," and "stable" in the face of PRC regulations, and stated that the company had "proactive" strategies which were "purportedly already improving" its risk performance.

As alleged in the complaint, those statements overstated the resiliency and stability of Qfin's business while defendants "downplayed the true scope and severity of the negative impact that regulatory headwinds were already having on the company's business and financial results." The announcement notes that Qfin operates an AI-driven credit technology platform under the Qifu Jietiao brand in the PRC, providing credit-driven services that match borrowers with financial institutions.

The announcement states that on August 25, 2026, Qfin released its Q2 and interim 2026 unaudited financial results, disclosing that total net revenue fell 31.6% year-over-year and net income fell 76.8% year-over-year. The company also issued what the announcement describes as disappointing financial guidance and attributed its results to "a challenging market environment" including "continued industry contraction, tighter regulatory oversight, and a sudden industry-wide liquidity shock in late June." On August 26, 2026, Qfin's ADS price declined $2.18, or 18.9%, to close at $9.35 per ADS.

What Was Disclosed

Bleichmar Fonti & Auld LLP announced the filing of a class action lawsuit against Qfin Holdings, Inc. (NASDAQ:QFIN) and certain senior executives, alleging securities fraud related to statements about regulatory impacts, with a lead plaintiff deadline of November 27, 2026.