NEW YORK, NY / ACCESSWIRE / January 10, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Yunji Inc. ("Yunji" or the "Company") (NASDAQ:YJ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Yunji and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In May 2019, Yunji completed its initial public offering ("IPO"), in which the Company sold 11 million American Depositary Shares ("ADSs") priced at $11 per share. On August 22, 2019, Yunji issued a press release announcing its financial results for the second quarter of 2019. The Company disclosed that its total revenues had decreased significantly from the same period in the prior year, citing "primarily . . . a decrease in revenues from sales of merchandise, which recognizes revenues on a gross basis, as the Company shifted part of merchandise sales to its marketplace platform, which recognizes revenues on a net basis."
On this news, Yunji's stock price fell $4.55 per share, or 42.92%, over the following four trading sessions, closing at $6.05 per share on August 27, 2019. Since the IPO, Yunji's ADS price has closed as low as $4.88 per share.
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