The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Yatsen Holding Limited (NYSE: YSG) who purchased American Depository Shares ("ADS") between November 19, 2020 and March 10, 2022 or acquired Yatsen ADS pursuant or traceable to documents issued in connection with Yatsen’s November 2020 initial public stock offering. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Yatsen lawsuit alleges that the registration statement and prospectus used to effectuate the Company’s initial public offering (“IPO”), Yatsen and the other named defendants misled investors into believing that Yatsen’s most significant brands, Perfect Diary and Little Ondine, were thriving, thereby driving Yatsen’s “healthy” top-line growth at the time of its IPO and quarter after quarter thereafter. In truth, however, cosmetic and skincare sales of Perfect Diary and Little Ondine products were declining in the period leading up to (and including at the time of) the IPO and throughout 2021. Moreover, as the truth about Yatsen’s business reached the market, the value of the Company’s shares declined dramatically, causing Yatsen investors to suffer significant damages.
Shareholders have until November 22, 2022 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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