BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ) investors concerning the Company and its officers’ possible violations of federal securities laws.
In May 2019, Yunji held its initial public offering (“IPO”), in which it sold 11 million American Depositary Shares (“ADSs”) for $11 per share.
On August 22, 2019, Yunji announced its second quarter 2019 financial results and noted that its total revenues had decreased significantly from the same period in the prior year. According to the Company, this 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.”
On this news, Yunji’s share price fell $4.55 per share, or nearly 43%, over the following four trading sessions, closing at $6.05 per share on August 27, 2019, thereby injuring investors. Since the IPO, Yunji shares have traded as low as $4.91, or nearly 55% below the IPO price.
If you purchased Yunji shares, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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