NEW YORK, NY / ACCESSWIRE / October 21, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Ruhnn Holding Limited (Ruhnn" or the "Company") (RUHN). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Ruhnn and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around April 3, 2019, Ruhnn conducted its initial public offering ("IPO"), selling approximately 10 million American depositary shares ("ADSs") priced at $12.50 per share. Then, on June 4, 2019, Ruhn reported its fiscal year and fourth quarter 2019 financial results. The Company disclosed, among other information, that as of March 31, 2019, Ruhnn had only 56 stores in operation, indicating that it had closed nearly 40 of the 91 stores that the Company had reported operating in the registration statement issued in connection with its IPO. In addition, the Company reported that its revenue streams had declined 80 basis points year over year, reflecting its failure to approach profitability.
Since the IPO, Ruhnn's ADS price has closed as low as $3.10 per share, representing a decline of more than 75% from the IPO price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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