The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Yangtze River Port and Logistics Limited (NASDAQGS: YRIV) who purchased shares between February 2, 2016 and December 5, 2018. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Yangtze lawsuit alleges that (1) Yangtze’s purported lease of the Wuhan Yangtze River Newport Logistics Center, the Company’s main asset, was a fabrication; (2) Yangtze’s only operating subsidiary, Wuhan Newport, was declared insolvent in China due to a number of default judgments against it; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until March 4, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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