Lufax Holding Ltd. overstated its net profit for 2022 and 2023 and misled the public about its financial reporting controls, a US investor in the financial services company says in a proposed class action.
A recently released annual report for 2024 included restated net profit figures for the two years in question following a re-audit, Kam Wai Mau says in a complaint filed March 21 in the US District Court for the Central District of California.
The company, based in Shanghai and incorporated in the Cayman Islands, disclosed more than a year earlier that it was firing PriceWaterhouseCoopers over the ...
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