INVESTOR ALERT: Kaskela Law LLC Announces Shareholder Class Action Lawsuit Against Yunji Inc. and Encourages Investors with Losses in Excess of $50,000 to Contact the Firm - YJ
PHILADELPHIA, PA / ACCESSWIRE / November 19, 2019 / Kaskela Law LLC announces that a class action lawsuit has been filed against Yunji Inc. ("Yunji") (YJ) on behalf of investors who purchased or acquired the Company's American Depository Shares ("Shares") in connection with or following Yunji's May 2019 initial public offering ("IPO").
On or about May 3, 2019, Yunji completed its IPO of Shares, selling over 11.2 million Shares to investors at $11.00 per share.
The complaint alleges that in connection with the IPO the 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.
The complaint further alleges that, on August 22, 2019, the Company disclosed to investors a supply chain restructuring that had shifted part of its merchandise sales to its marketplace platform, resulting in a year-over-year decrease in total revenues for second quarter 2019. Following this disclosure, the Company's Shares declined $4.55 per Share, or nearly 43% in value, to close on August 27, 2019 at $6.05 per Share.
Investors who purchased or acquired Yunji's Shares in connection with or following the Company's May 2019 IPO may, no later than January 11, 2020, seek to be appointed as a lead plaintiff representative in the action.
Yunji investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 - 1740, or by email at skaskela@kaskelalaw.com, to discuss this action and their legal rights and options. Additional information may also be found at http://kaskelalaw.com/case/securitiesfraud-yunji/.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 - 1585
(888) 715 - 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com
SOURCE: Kaskela Law LLC
View source version on accesswire.com:
https://www.accesswire.com/567221/INVESTOR-ALERT-Kaskela-Law-LLC-Announces-Shareholder-Class-Action-Lawsuit-Against-Yunji-Inc-and-Encourages-Investors-with-Losses-in-Excess-of-50000-to-Contact-the-Firm--YJ
