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360 Finance CEO resigns; law firm launches investigation

360 Finance Inc. said Jun Xu has resigned as CEO and a director, effective Aug. 23, citing personal and family reasons.

The U.S.-listed Chinese online consumer lender said Haisheng Wu, the president and co-founder of the company, was appointed CEO and a director, effective the same day, according to an Aug. 23 release.

Meanwhile, law firm Johnson Fistel LLP is investigating potential claims against 360 Finance for violations of federal securities laws, according to a separate same-day release from the law firm.

The law firm said its investigation looks to determine if 360 Finance's filings with the U.S. Securities and Exchange Commission in connection with its December 2018 IPO and subsequent investor communications "contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the company's business, and operations."