The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ruhnn Holding Limited (NASDAQ: RUHN) who purchased Ruhnn American Depositary Shares pursuant and/or traceable to the Company’s April 3, 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 Ruhnn lawsuit alleges that (1) at the time of the initial public offering (“IPO”), the number of Ruhnn’s online stores had declined by nearly 40%; (2) at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (3) as a result, defendants’ statements about Ruhnn’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until December 6, 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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