MOGU Inc. (MOGU)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of MOGU Inc. ("MOGU" or "the Company") (NYSE: MOGU). The investigation concerns whether MOGU and certain of its officers and/or directors have violated federal securities laws.
On February 25, 2021, MOGU announced its unaudited financial results for the third quarter of fiscal year 2021. MOGU reported that “[c]ommission revenues decreased by 29.8% to RMB99.2 million (US$15.2million) from RMB141.2million in the same period of fiscal year 2020, primarily due to the restructuring of the Company’s business towards a LVB-focused model”; that “[m]arketing services revenues decreased by 75.9% to RMB17.4 million (US$2.7million) from RMB72.5 million in the same period of fiscal year 2020 … primarily due to the restructuring of the Company’s business towards a LVB-focused model”; and that “[o]ther revenues decreased by 46.4% to RMB29.9 million (US$4.6million) from RMB55.9 million in the same period of fiscal year 2020, primarily due to a decrease in online direct sales.” MOGU also stated a loss from operations of RMB123.2 million, “primarily attributable to a goodwill impairment incurred in the third quarter of fiscal year 2020.” Following this news, MOGU’s American Depositary Receipt (“ADR”) dropped $0.43 per ADR, or 17%, to close at $2.07 on February 26, 2021.
If you are aware of any facts relating to this investigation, or purchased MOGU shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.