Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Yangtze River Port and Logistics Limited
NEW YORK--(BUSINESS WIRE)--Jan 8, 2019--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Yangtze River Port and Logistics Limited (“Yangtze” or the “Company”) (NASDAQ: YRIV) and other defendants, related to alleged violations of federal securities laws. If you purchased Yangtze securities between February 2, 2016 through December 5, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Yangtze operates through its wholly-owned subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd. (“Wuhan Newport”) incorporated in the People’s Republic of China (“PRC”) which is a logistics and port management company that engages in the business of real estate and infrastructural development and operating a port logistics center in the PRC.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Yangtze’s purported lease of the Wuhan Newport, the company’s main asset, was a fabrication; (2) Yangtze’s only operating subsidiary, Wuhan Newport, was declared insolvent in China due to a number of default judgments against it; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 27, 2018, before the market opened, Barron’s published an article entitled, “A Troubled Chinese Company Is Seeking a Lifeline From U.S. Investors,” that revealed Wuhan Newport was “showing up on official websites in which Chinese courts list debtors with unpaid legal judgments. ”
On this news shares of Yangtze fell $0.11 per share or almost 1% to close on $11.53 on August 27, 2018.
On December 6, 2018, before the market opened, Hindenburg Research published a report entitled, “Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated.”
On this news, shares of Yangtze shares fell $3.34 per share – over 28% – over the next two trading days to close at $8.28 per share on December 7, 2018.
What You Can Do
If you purchased Yangtze securities between February 2, 2016 through December 5, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. The lead plaintiff deadline is March 4, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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PUB: 01/08/2019 12:32 PM/DISC: 01/08/2019 12:32 PM