SAN DIEGO & BEIJING–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24UXIN&src=ctag” target=”_blank”gt;$UXINlt;/agt; lt;a href=”https://twitter.com/hashtag/ClassAction?src=hash” target=”_blank”gt;#ClassActionlt;/agt;–Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of Uxin Limited (Nasdaq: UXIN)
filed another class action complaint against Uxin Limited for alleged
violations of the Securities Act of 1933 pursuant to its June 27, 2018
initial public offering (“IPO”). Uxin is the largest used car e-commerce
platform in China.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/uxin-limited-may-19/
Uxin Accused of Inflating its IPO Price
According to the complaint, leading up to the IPO, Uxin claimed that it
was experiencing rapid growth in both its consumer-aimed and
business-focused segments. Based on its misleading registration
documents, Uxin held its IPO in June 2018, and generated over $205
million in proceeds. In particular, Uxin failed to disclose that the
company would stop providing complementary services to its customers and
instead connect consumers to dealers who would provide such services. As
a result, Uxin’s auction business, which sells used cars to dealers,
would be negatively impacted. Just two months after the IPO, in August
2018, Uxin announced a strategic change in its approach in serving
customers with car-selling needs. Shortly thereafter, in November 2018,
Uxin reported that its transaction volume had decreased by 8.5%.
Following this news, Uxin’s share price closed at $4.50, approximately
50% of the IPO price of $9.00 per share. The stock now trades even lower
at just $2.72 per share, approximately 70% below the IPO price.
Uxin Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins
Arroyo LLP is a nationally recognized leader in shareholder rights
law. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
