Lufax Holding Ltd.

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Lufax Holding Ltd. (“Lufax” or the “Company”) (NYSE:LU) securities during the period of April 7, 2023 through January 26, 2025, inclusive (“the Class Period”).
 

The lawsuit alleges  that (1) Lufax lacked adequate internal controls and (2) Certain of Lufax's financial results were materially misstated.
 

On January 27, 2025, Lufax disclosed that it was proposing to remove its auditor, PricewaterhouseCoopers (“PwC”) because PwC had significant concerns about Lufax’s financial disclosures and, in particular, the 2022 and 2023 Annual Reports. On this news, the price of Lufax shares declined by $0.40 per share, or approximately 14%, from $2.89 per share on January 24, 2025 to close at $2.49 on January 27, 2025.
 

On February 17, 2025, Lufax confirmed that the 2022 and 2023 financial reports could not be relied on, finding “that certain line items were inaccurately recorded in the consolidated financial statements that [the Company] had previously issued.” Lufax’s 2024 Annual Report provided restated net profit figures for the affected years, showing material net profit declines from the original reports.