U.S. Markets closed

The Gross Law Firm Announces Class Actions on Behalf of Shareholders of OSTK, RUHN and TEUM

NEW YORK, NY / ACCESSWIRE / October 30, 2019 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Overstock.com, Inc. (OSTK)

Investors Affected: May 9, 2019 - September 23, 2019

A class action has commenced on behalf of certain shareholders in Overstockcom, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) it was not true that Overstock would be able to support the launch of its tZERO crypto currency with earnings or cash flow from its retail operations and that whatever marginal improvements defendants had made by cutting costs and engineering earnings could not be sustained so as to generate positive EBITDA or cash from operations necessary to support its crypto currency operations; (b) there were extreme additional risks and substantial volatility in the price of Company shares was foreseeable, given defendants’ undisclosed plan to offer its tZERO Preferred Share Dividend as a means to squeeze short sellers out of Overstock and to prevent them from holding legitimate positions in the Company; (c) there was a foreseeable likelihood that the Company’s ability to accomplish its intended short squeeze would embolden the SEC or even market participants, such as major brokerage houses, to act to prevent this market manipulation; (d) it was not true that Overstock contained adequate systems of internal operational or financial controls, such that Overstock’s quarterly reports filed with the SEC were true, accurate or reliable; (e) as a result of the foregoing, it also was not true that the Company’s quarterly reports filed with the SEC were prepared in accordance with GAAP ad SEC rules; and (f) as a result of the aforementioned adverse conditions which defendants failed to disclose, defendants lacked any reasonable basis to claim that Overstock was operating according to plan, or that Overstock could achieve guidance sponsored and/or endorsed by defendants.

Shareholders may find more information at https://securitiesclasslaw.com/securities/overstock-com-inc-loss-submission-form/?id=4110&from=1

Ruhnn Holding Limited (RUHN)

Investors Affected: all persons or entities who purchased Ruhnn American Depositary Shares pursuant and/or traceable to the Company’s April 3, 2019 initial public offering.

A class action has commenced on behalf of certain shareholders in Ruhnn Holding Limited. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) at the time of the initial public offering ("IPO"), the number of Ruhnn's online stores had declined by nearly 40%; (2) at the time of the IPO, the number of Ruhnn's full-service Key Opinion Leaders had declined by nearly 44%; (3) as a result, the Company's net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (3) as a result, defendants' statements about Ruhnn's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/ruhnn-holding-limited-loss-submission-form/?id=4110&from=1

Pareteum Corporation (TEUM)

Investors Affected: December 14, 2017 - October 21, 2019

A class action has commenced on behalf of certain shareholders in Pareteum Corporation. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) it was not true that the Company’s purported success was the result of hyper-demand for Pareteum’s unique products or exceptional service, or the Company’s competent management; but, in fact, Defendants had propped up the Company’s results by manipulating Pareteum’s accounting for revenues, income, and the important Backlog metric; (b) Defendants had materially overstated the Company’s profitability by failing to properly account for the Company’s results of operations and by artificially inflating the Company’s financial results; (c) it was not true that Pareteum contained even the most minimally adequate systems of internal operational or financial controls necessary to assure that Pareteum’s reported financial statements were true, accurate, and/or reliable; (d) as a result, it also was not true that the Company’s financial statements and reports were prepared in accordance with GAAP and SEC rules; and (e) as a result of the aforementioned adverse conditions, Defendants lacked any reasonable basis to claim that Pareteum was operating according to plan, or that Pareteum could achieve the guidance sponsored and/or endorsed by Defendants.

Shareholders may find more information at https://securitiesclasslaw.com/securities/pareteum-corporation-loss-submission-form/?id=4110&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (212) 537-9430
Fax: (833) 862-7770

SOURCE: The Gross Law Firm



View source version on accesswire.com:
https://www.accesswire.com/564773/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-OSTK-RUHN-and-TEUM