New York, New York – (Newsfile Corp. – October 30, 2020) – Rosen Law Firm, a global investor rights law firm, is continuing its investigation of potential securities claims on behalf of the shareholders of Huazhu Group Limited (NASDAQ: HTHT) over allegations that the Huazhu Group may have provided materially misleading business information to the investing public.
On September 21, 2020, investment analyst Bonitas Research released a report on the company alleging that Huazhu Group "lied about ownership of its hotel portfolio to produce fake financial data." The report also states that Bonitas' "field research" "confirmed that Huazhu was secretly backing the running costs of franchisee hotels owned by undisclosed current Huazhu employees and other undisclosed related parties (" off-book hotels ") ). " Bonitas further alleged that it "believes that Huazhu has been hiding operating expenses using undisclosed related party transactions to artificially increase Huazhu's reported profits (,)" and that it "calculated" that Huazhu's fake profits exceeded $ 2 billion . RMB (US $ 300 million) of fake PP&E manifested on its CYE & # 39; 19 balance sheet. "
In the news, the Huazhu Group's American Depositary Share ("ADS") fell $ 1.54, or over 3.6%, to close at $ 40.48 per ADS on September 21, 2020, hurting investors.
Rosen law firm is preparing a class action lawsuit to offset the losses suffered by Huazhu Group's investors. If you purchased Huazhu Group's ADSs, please visit the company's website at http://www.rosenlegal.com/cases-register-1949.html to participate in the class action lawsuit. You can also contact Phillip Kim of the Rosen law firm toll free at 866-767-3653 or by email at [email protected] or [email protected]
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Rosen law firm represents investors around the world and focuses on class action and shareholder derivatives litigation. Rosen law firm was ranked # 1 by ISS Securities Class Action Services for number of class action settlements in 2017. The firm has been voted into the top 3 every year since 2013. Law firm Rosen has filed its largest class action lawsuit ever for securities against a Chinese company. Rosen Law Office attorneys are ranked and recognized by numerous independent and reputable sources. Rosen law firm has raised hundreds of millions of dollars for investors.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The law firm Rosen, P.A.
275 Madison Avenue, 40th floor
New York, NY 10016
Tel .: (212) 686-1060
Toll Free: (866) 767-3653
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The source version of this press release can be found at https://www.newsfilecorp.com/release/67245