NEW YORK,Nov. 17, 2020/PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Huazhu Group Limited (NASDAQ: HTHT) resulting from allegations that Huazhu may have issued materially misleading business information to the investing public.
OnSeptember 21, 2020, Bonitas Research issued a report on the Company which alleged that Huazhu "lied about the ownership of its hotel portfolio to produce fake financials." The report also stated that Bonitas' fieldwork "confirmed that Huazhu secretly supported operating costs of franchisee hotels owned by undisclosed current Huazhu employees & other undisclosed related parties ('off-book hotels')." Bonitas further asserted that it "believe[s] that Huazhu concealed operating expenses using undisclosed related party transactions to artificially inflate Huazhu's reported profits[,]" and that it "calculate[s] that Huazhu's fake profits manifested asRMB 2 billion(US$ 300 million) of fake PP&E on its CYE'19 balance sheet."
On this news, Huazhu's American Depositary Share ("ADS") price fell$1.54, or over 3.6%, to close at$40.48per ADS onSeptember 21, 2020, thereby injuring investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Huazhu's investors. If you purchased ADSs of Huazhu, please visit the firm's website at http://www.rosenlegal.com/cases-register-1949.html to join the class action. You may also contactPhillip Kimof Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40thFloor
New York, NY10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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