Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Yunji Inc (NASDAQ: YJ) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Yunji Inc (NASDAQ: YJ) concerning whether a series of statements by Yunji Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
In May 2019, the Company held its IPO, and sold 11 million American Depositary Shares for $11 per share.
On August 22, 2019, the Company revealed its second quarter 2019 financial results and noted that its total revenues had decreased significantly from the same period in the prior year. The Company stated that the decrease was 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.”
Following this news, NASDAQ: YJ fell roughly 43%, over the following four trading sessions, closing at $6.05 per share on August 27, 2019.
Based in Hangzhou, China, and founded in 2015 Yunji Inc operates a social e-commerce platform in the People's Republic of China.
If you purchased shares of Yunji Inc (NASDAQ: YJ) on or before August 22, 2019, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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