Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Yunji Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Yunji Inc. (“Yunji” or the “Company”) (NASDAQ:YJ) of the January 13, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Yunji stock or options pursuant and/or traceable to the Company’s May 3,2019 initial public offering (“IPO” or the “Offering”) and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Yunji securities pursuant and/or traceable to the Company’s May 3, 2019 initial public offering (“IPO” or the “Offering”). The case, Chen v. Yunji Inc. et al, No. 19-cv-06403was filed on November 12, 2019, and has been assigned to Judge LaShann DeArcy Hall.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by filing an IPO Registration Statement that was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the Company was shifting certain of its sales to its marketplace platform; (2) that this supply chain restructuring was likely to disrupt Yunji’s relationships with suppliers; (3) that this supply chain restructuring was likely to have an adverse impact on the Company’s financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On August 22, 2019, the Company disclosed a supply chain restructuring that shifted part of its merchandise sales to its marketplace platform, resulting in a year-over-year decrease in total revenues for second quarter 2019.
On this news, the Company’s stock price fell from $10.60 per share on August 21, 2019 to a closing price of $9.39 per share on August 22, 2019— a $1.21 or 11.42% drop.
The share price continued to decline by $3.34, or over 35%, over the next three consecutive trading sessions to close at $6.05 per share on August 27, 2019.
By the commencement of this action, Yunji’s shares were trading as low as $4.40 per share, a nearly 60% decline from the $11 per share IPO price.
Yunji Inc. (YJ)
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Filed on 11/18/2019
Lead Plaintiff Deadline 01/13/2020
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331