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Wins Finance Holdings Inc (NASDAQ: WINS) is up 35 points today, also known as 90%. This comes on the bounce of May 5th, which hit the 39 mark after ending at 26 on Friday. In a matter of two trading days the stock went from 26 to almost 75 points. This all comes with absolutely no press releases by the company as well as no known activity to make the growth organic.
However, the company is currently in a class action lawsuit for making false and misleading statements about the business and its prospects in order to inorganically inflate their stock valuations. The period named in the lawsuit is from October 29th, 2015 to March 29th, 2017. Additionally, there has been further speculation of unsavory activities within the company as there have been reports of Win Finance making false reports of having a headquarters in the US in order to gain access to Russell indices, should this come out as true the company would have violated the SEC's regulations as well as lacking proper internal control.
Furthermore, in a report done by SeekingAlpha, the current CEO, Jianming Hao was named as a known destroyer of shareholder value. The company is also said to operate by working with businesses in northern China that a normal bank would not touch as a result of their high default risk. This all points towards fraud.
Even though this company is showing incredible gains in the last two days, the growth does not seem to be organic, that is unless there is a wealth of information that has not been released to the public. However, keeping a close eye on news surrounding this company in the coming days.
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