NEW YORK, NY / ACCESSWIRE / February 22, 2019 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Yangtze River Port & Logistics Limited ("Yangtze River" or the "Company") (NASDAQ: YRIV) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Yangtze River securities between February 2, 2016 and December 5, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/yriv.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) Yangtze's purported lease of the Wuhan Yangtze River Newport Logistics Center, the company's main asset, was a fabrication; (2) Yangtze's only operating subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd., 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 December 6, 2018, Hindenburg Research ("Hindenburg") published a report entitled "Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated." The Hindenburg report described Yangtze as "a scheme run by its Chairman & controlling shareholder to siphon money away from U.S. public markets." Among other allegations, the Hindenburg report asserted that Yangtze's "only operating entity has been declared insolvent in China and is involved in multiple undisclosed legal proceedings" and, citing "government-sourced documents and interviews with local officials, we believe that at least 77% of the company's reported assets are fabricated." Following publication of the Hindenburg Report, Yangtze's stock price fell $3.34 per share, or 28.74%, over the following two trading sessions, closing at $8.28 per share on December 7, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/yriv or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Yangtze River, you have until March 4, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC