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Rosen Law Firm files class action suit against HDFC Bank
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SME Times News Bureau | 17 Sep, 2020
US-based Rosen Law Firm has
filed a class action lawsuit against HDFC Bank, seeking to recover
damages for the bank's investors under the US securities laws.
The
development comes after the investor rights law firm last month
announced an investigation of potential securities claims on behalf of
shareholders of HDFC Bank following allegations that the bank may have
issued materially misleading business information to investors.
According
to the lawsuit, the defendant (bank) throughout the 'Class Period' made
false and misleading statements and failed to disclose to investors
that it had inadequate disclosure controls and procedures and internal
control over financial reporting, as a result of which, the bank
maintained improper lending practices in its vehicle financing
operations.
Further, earnings generated from the bank's vehicle
financing operations were "unsustainable", as per the lawsuit and it
added that all the foregoing, once revealed, was foreseeably likely to
have a material negative impact on the bank's financial condition and
reputation.
The law firm said that the bank's public statements
"were materially false and misleading at all relevant times" and when
the true details entered the market, investors suffered damages.
In
July, reports said that HDFC Bank had conducted an investigation into
the "improper lending practices and conflicts of interests" in its
vehicle financing arm.
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