The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Yunji Inc. that purchased or otherwise acquired Yunji 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.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company was shifting certain of its sales to its marketplace platform; (2) this supply chain restructuring was likely to disrupt Yunji’s relationships with suppliers; (3) this supply chain restructuring was likely to have an adverse impact on the Company’s financial results; and (4) 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 13, 2020 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.