LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz (“FRC”) announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Yunji Inc. (NASDAQ: YJ) (“Yunji” or the “Company”) American Depositary Shares (“ADSs” or “shares”) pursuant 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”). Yunji investors have until January 13, 2020 to file a lead plaintiff motion.
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On May 3, 2019, the Company held its IPO in which it sold 11,217,447 shares for $11.00 per share.
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, nearly 11%, to close at $9.39 per share on August 22, 2019, thereby injuring investors. The 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, thereby injuring investors further.
By the commencement of this action, Yunji’s shares were trading as low as $4.40 per share, a nearly 60% decline from the $11 per share IPO price.
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If you purchased Yunji securities during the Class Period, you may move the Court no later than January 13, 2020 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 purchased Yunji securities, 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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