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Robbins LLP Urges Lufax Investors to Explore Legal Options After Auditor Concerns
Law firm investigates allegations of inadequate internal controls at Chinese fintech firm Lufax Holding Ltd.
Apr. 1, 2026 at 12:05am
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Robbins LLP, a law firm specializing in shareholder rights litigation, is urging investors who lost money investing in Lufax Holding Ltd. (NYSE: LU) to contact the firm. The firm is investigating allegations that Lufax had inadequate internal controls, leading to issues with its financial disclosures that resulted in its auditor, PricewaterhouseCoopers, withdrawing its audit opinions for 2022 and 2023.
Why it matters
This case highlights the importance of strong corporate governance and internal controls, especially for publicly traded companies. Investors rely on accurate financial reporting to make informed decisions, and any issues with a company's accounting practices can have significant financial consequences. The Lufax situation also raises questions about the role of auditors in identifying and addressing potential problems within the companies they review.
The details
According to the complaint, during the class period from April 7, 2023 to January 26, 2025, Lufax made material misstatements in its financial reports and lacked adequate internal controls. On January 27, 2025, Lufax announced it was proposing to remove its auditor, PwC, because the auditor had significant concerns about Lufax's financial disclosures, particularly its 2022 and 2023 Annual Reports. PwC's concerns were such that its audit opinions for those years were no longer to be relied upon. This news caused Lufax's American Depositary Shares (ADSs) to fall by 13.8% on January 27, 2025, followed by further declines over the next two trading days.
- The class period is from April 7, 2023 to January 26, 2025.
- On January 27, 2025, Lufax announced it was proposing to remove its auditor, PwC.
- On January 27, 2025, Lufax ADSs fell 13.8%.
- On January 28, 2025, Lufax ADSs fell a further 6.82%.
- On January 29, 2025, Lufax ADSs fell a further 2.58%.
The players
Lufax Holding Ltd.
A Chinese fintech company that engages in the retail credit and enablement business to borrowers and institutions in China.
PricewaterhouseCoopers (PwC)
The auditor for Lufax Holding Ltd. that had significant concerns about the company's financial disclosures and withdrew its audit opinions for 2022 and 2023.
Robbins LLP
A law firm specializing in shareholder rights litigation that is investigating the allegations against Lufax Holding Ltd. and urging investors to contact the firm.
What’s next
Shareholders who wish to serve as lead plaintiff for the class must submit their papers to the court by May 20, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.
The takeaway
This case highlights the importance of strong corporate governance and internal controls for publicly traded companies. Investors rely on accurate financial reporting, and any issues with a company's accounting practices can have significant financial consequences. The Lufax situation also raises questions about the role of auditors in identifying and addressing potential problems within the companies they review.
