The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Yunji Inc. (NASDAQ: YJ) who purchased or otherwise acquired Yunji American Depositary Shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s May 2019 initial public offering. 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 Yunji Inc. lawsuit alleges that (1) the Company was shifting certain of its sales to its marketplace platform; (2) this supply chain restructuring was likely to disrupt Yunji’s relationships with suppliers; (3) this supply chain restructuring was likely to have an adverse impact on the Company’s financial results; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Shareholders have until January 13, 2020 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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