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NEW YORK, — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal class action securities lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Yunji, Inc. (NASDAQ: YJ) American Depositary Receipts (“ADR’s”) pursuant to 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”).
Investors who purchased the ADR’s of Yunji, Inc. are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Yunji, Inc., you may, no later than January 13, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADR’s of Yunji, Inc.
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On May 3, 2019, the Company issued its IPO in which it sold 11,217,447 American Depositary Receipts at $11.00 per ADR.
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, or nearly 11%, to close at $9.39 per share on August 22, 2019. Yunji’s 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.
Since the initial May 2019 offering, Yunji’s shares have traded as low as $4.02 per share, a nearly 64% decline from the $11 per share IPO price.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.