Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 25, 2020 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Huazhu Group Limited (“Huazhu” or the “Company”) (NASDAQ: HTHT) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The investigation focuses on whether misleading and/or false statements were made by Huazhu and/or that Huazhu failed to disclose pertinent information to investors. Huazhu is the subject of a report that was issued by Bonitas Research on September 21, 2020. Huazhu “lied about the ownership of its hotel portfolio to produce fake financials.”, according to this report. It is alleged within this report that the Huazhu secretly supported certain franchisee hotels that were owned by Huazhu employees and other off-book hotels. It is also alleged by Bonitas Research 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 as RMB 2 billion (US$ 300 million) of fake PP&E on its CYE’19 balance sheet.” Shares of Huazhu fell by more than 3.5% in intraday trading on the same day, based on this news.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
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