Yunji Inc. (YJ)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Yunji Inc. (YJ)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ). The investigation concerns whether Yunji and certain of its officers and/or directors have violated federal securities laws.
In May 2019, Yunji completed its initial public offering (“IPO”), in which the Company sold 11 million American Depositary Shares (“ADSs”) priced at $11 per share. On August 22, 2019, Yunji issued a press release announcing its financial results for the second quarter of 2019. The Company disclosed that its total revenues had decreased significantly from the same period in the prior year, citing “primarily . . . 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.” On this news, Yunji’s stock price fell $4.55 per share, or 42.92%, over the following four trading sessions, closing at $6.05 per share on August 27, 2019. Since the IPO, Yunji’s ADS price has closed as low as $4.88 per share.
If you are aware of any facts relating to this investigation, or purchased Yunji shares, you can assist this investigation by contacting 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.