NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Yunji Inc. (NASDAQ: YJ) resulting from allegations that Yunji may have issued materially misleading information to the investing public.
In May 2019, Yunji completed its initial public offering (“IPO”), in which Yunji sold 11 million American Depositary Shares (“ADSs”) priced at $11 per share. On August 22, 2019, Yunji issued a press release announcing its financial results for the second quarter of 2019. Yunji disclosed that its total revenues had decreased significantly from the same period in the prior year, citing “primarily . . . a decrease in revenues from sales of merchandise, which recognizes revenues on a gross basis, as the Company shifted part of merchandise sales to its marketplace platform, which recognizes revenues on a net basis.”
On this news, Yunji’s stock price fell $4.55 per share, or 42.92%, over the following four trading sessions, closing at $6.05 per share on August 27, 2019. Yunji’s ADSs are trading substantially below the IPO price, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Yunji investors. If you purchased shares of Yunji please visit the firm’s website at http://www.rosenlegal.com/cases-register-1716.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
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