BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that acquired Yangtze River Port and Logistics Limited (“Yangtze River” or the “Company”) (NASDAQ: YRIV) securities between February 2, 2016 and December 5, 2018, inclusive (the '”Class Period”'). Yangtze River investors have until March 4, 2019 to file a lead plaintiff motion.
On December 6, 2018, Hindenburg Research published a report describing the Company as “a scheme run by its Chairman & controlling shareholder to siphon money away from U.S. public markets.” On this news, shares of Yangtze River fell $1.71, or 17%, to close at $8.28 on December 7, 2018, thereby injuring investors.
The complaint filed in this class action alleges that defendants 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; (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. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased shares of Yangtze River, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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