LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased Ruhnn Holding Limited (“Ruhnn” or the “Company”) (NASDAQ: RUHN) American Depositary Shares (“ADSs”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Ruhnn’s April 2019 initial public offering (the “IPO” or the “Offering”). Ruhnn investors have until December 6, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On or about April 3, 2019, Ruhnn completed its IPO in which it sold over 10 million ADSs for $12.50 per share.
On June 14, 2019, the Company reported its fourth quarter and fiscal year 2019 financial results, reporting that it only had 56 stores in operation, indicating that nearly 40% of the stores reported in the Registration Statement had been closed. The Company also disclosed that product sales had fallen sequentially 46%.
Since the IPO, Ruhnn’s shares have traded as low as $7.07 per share, or 43% below the IPO price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40%; (2) that at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) that as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (4) that as a result, defendants’ statements about Ruhnn’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Ruhnn ADSs pursuant and/or traceable to the Registration Statement, you may move the Court no later than December 6, 2019 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.
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