LEAD PLAINTIFF DEADLINE IS DECEMBER 6, 2019
NEW YORK, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District for the Eastern District of New York on behalf of investors that purchased Ruhnn Holding Limited (“Ruhnn” or the “Company”) (RUHN) American Depositary Shares (“ADS’s”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Ruhnn’s April 2019 initial public offering (the “IPO” or the “Offering”).
Investors who purchased shares of Ruhnn Holding Limited are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Ruhnn Holding Limited, you may, no later than December 6, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Ruhnn Holding Limited.
The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business,
operations, and prospects. Specifically, Defendants failed to disclose to investors:
- that at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40%;
- that at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%;
- that as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and
- that 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.
On or about April 3, 2019, Ruhnn completed its IPO in which it sold over 10 million ADS’s for $12.50 per share.
On June 14, 2019, the Company reported its fourth quarter and fiscal year 2019 financial results, reporting that it only had 56 stores in operation, indicating that nearly 40% of the stores reported in the Registration Statement had been closed. The Company also disclosed that product sales had fallen sequentially 46%.
Since the IPO, Ruhnn’s shares have traded as low as $5.82 per share, 53% below the original offering price.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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