LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MOGU Inc. (“MOGU” or “the Company”) (NYSE: MOGU) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. MOGU disclosed its unaudited financial results for the third quarter of fiscal year 2021 on February 25, 2021. The Company stated: “Commission revenues decreased by 29.8% to RMB99.2 million (US$15.2million) from RMB141.2million in the same period of fiscal year 2020, primarily due to the restructuring of the Company’s business towards a LVB-focused model,” and that “Marketing services revenues decreased by 75.9% to RMB17.4 million (US$2.7million) from RMB72.5 million in the same period of fiscal year 2020 … primarily due to the restructuring of the Company’s business towards a LVB-focused model,” and that “other revenues decreased by 46.4% to RMB29.9 million (US$4.6million) from RMB55.9 million in the same period of fiscal year 2020, primarily due to a decrease in online direct sales.” The Company also reported a loss from operations of RMB123.2 million, “primarily attributable to a goodwill impairment incurred in the third quarter of fiscal year 2020.” Based on this news, MOGU’s ADR price fell by 17% over the next several trading sessions.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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