Investor Alert: Kaplan Fox Announces Investigation Of Yunji
NEW YORK, Nov. 19, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ). Investors who purchased Yunji American Depositary Shares ("ADSs" or "shares") may be affected.
In May 2019, Yunji sold approximately 11.2 million shares at $11 per share in its initial public offering (the "IPO").
On August 22, 2019, Yunji issued a press release announcing its financial results for the second quarter of 2019. The Company disclosed that its revenues for the second quarter, the quarter during which the IPO was conducted, had decreased compared to the same period in the prior year "primarily due to 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." [Emphasis added.]
Following this news, the price of Yunji's ADSs fell $1.21, about 11.4%, to close at $9.39 per share on August 22, 2019. The share price continued to decline the next three consecutive trading sessions by more than 35% to close at $6.05 per share on August 27, 2019.
A complaint has been filed in the United States District Court for the Eastern District of New York against Yunji, certain executives, and the underwriters of the IPO on behalf of investors who purchased or otherwise acquired Yunji ADSs pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's IPO.
If you are an investor in Yunji and would like to discuss our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
Laurence D. King
SOURCE Kaplan Fox & Kilsheimer LLP
Company Codes: NASDAQ-NMS:YJ
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