Pomerantz Defeats Motion to Dismiss in Jiayin Group Securities Class Action

On February 16, 2022, Judge Andrew Borrok of the Supreme Court of the State of New York, County of New York denied defendants’ motions to dismiss the Amended Complaint in Todd France v. Jiayin Group Inc. et al., No. 654398/2020 (Sup Ct, NY County). This securities class action was brought against Jiayin Group Inc. (“Jiayin” under the Securities Act of 1933 (“1933 Act”). Judge Borrok has recently been assigned all 1933 Act cases in New York County, making this victory particularly significant. When Jiayin had its Initial Public Offering on May 10, 2019 (the “IPO”), it was a peer-to-peer (“P2P”) lending company. It went public after many P2P companies had already folded due to increased regulations…