AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Yunji Inc. Investors

November 13, 2019

LOS ANGELES--(BUSINESS WIRE)--Nov 12, 2019--

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York captioned Chen v. Yunji Inc. et al., (Case No. 19-cv-06403), on behalf of persons and entities that purchased or otherwise acquired Yunji Inc. (NASDAQ: YJ ) (“Yunji” or the “Company”) American Depositary Shares (“ADSs” or “shares”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s May 2019 initial public offering (“IPO” or the “Offering”). Plaintiff pursues claims under the Securities Act of 1933 (the “Securities Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

On May 3, 2019, the Company held its IPO in which it sold 11,217,447 shares for $11.00 per share.

On August 22, 2019, the Company disclosed a supply chain restructuring that shifted part of its merchandise sales to its marketplace platform, resulting in a year-over-year decrease in total revenues for second quarter 2019.

On this news, the Company’s share price fell $1.21, nearly 11%, to close at $9.39 per share on August 22, 2019, thereby injuring investors. The share price continued to decline by $3.34, or over 35%, over the next three consecutive trading sessions to close at $6.05 per share on August 27, 2019, thereby injuring investors further.

By the commencement of this action, Yunji’s shares were trading as low as $4.40 per share, a nearly 60% decline from the $11 per share IPO price.

The Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Yunji ADSs pursuant or traceable to the Registration Statement, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191112006169/en/

CONTACT: Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2019.

PUB: 11/12/2019 07:48 PM/DISC: 11/12/2019 07:48 PM

http://www.businesswire.com/news/home/20191112006169/en