NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Yangtze River Port & Logistics Limited (“Yangtze” or the “Company”) (NASDAQ:YRIV) securities during the period from February 2, 2016 through December 5, 2018 (the “Class Period”). Investors have until March 4, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Yangtze and certain senior executives made false and/or 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; and (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.
Following the publication of a report by Hindenburg Research on December 6, 2018, the price of Yangtze shares fell by $3.34, or 28.74%, over the following two trading sessions, closing at $8.28 on December 7, 2018.
If you acquired Yangtze securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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