San Diego, CA -- (SBWIRE) -- 09/18/2020 -- An investor, who purchased NYSE: HDB shares, filed a lawsuit against HDFC Bank Limited over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.

Investors who purchased shares of HDFC Bank Limited (NYSE: HDB) have certain options and for certain investors are short and strict deadlines running. Deadline: November 2, 2020. NYSE: HDB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On July 13, 2020, it was reported that HDFC Bank Limited had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head."

On July 19, 2020, HDFC Bank Limited reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality.

Then, on August 6, 2020, it was reported that in July 2020, Experian Plc's Indian unit had informed the Reserve Bank of India that "HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers" and that "[s]uch tardiness has been an issue for about two years."

The plaintiff claims that between July 31, 2019, and July 10, 2020, the defendants made false and/or misleading statements and/or failed to disclose that HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting, that as a result, the Bank maintained improper lending practices in its vehicle-financing operations, that accordingly, earnings generated from the Bank's vehicle-financing operations were unsustainable, that all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank's financial condition and reputation, and that as a result, the Bank's public statements were materially false and misleading at all relevant times.

Those who purchased shares of HDFC Bank Limited (NYSE: HDB) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.