Glancy prongay & murray llp files securities class action on behalf of yunji inc. investors
Glancy prongay & murray llp announced that it has filed a class action lawsuit in the united states district court for the eastern district of new york captioned chen v. yunji inc. et al., on behalf of persons and entities that purchased or otherwise acquired yunji inc. american depositary shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the company’s may 2019 initial public offering. plaintiff pursues claims under the securities act of 1933. on may 3, 2019, the company held its ipo in which it sold 11,217,447 shares for $11.00 per share. 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 share price fell $1.21, nearly 11%, to close at $9.39 per share on august 22, 2019, thereby injuring investors. 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, thereby injuring investors further. 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. the registration statement was false and misleading and omitted to state material adverse facts. specifically, defendants failed to disclose to investors that the company was shifting certain of its sales to its marketplace platform, supply chain restructuring was likely to disrupt yunji’s relationships with suppliers, supply chain restructuring was likely to have an adverse impact on the company’s financial results and 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.
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