LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of So-Young International Inc. (“So-Young” or the “Company”) (NASDAQ: SY) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your So-Young investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/so-young-international-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On May 6, 2021, Blue Orca Capital published a report regarding So-Young stating "Lips can be fake. Financials shouldn't be." The report stated that Blue Orca's "Data Scrape Shows Widespread Booking Fabrication on SY's Platform[,]" and that the Company "estimate[s] that SY exaggerates the bookings from these clinics by at least 4-5x during the period we monitored. We think this indicates, persuasively, that SY is inflating both the popularity of its platform and its reported revenues." The report also noted that "[l]ike SY's booking revenues, we think the evidence shows that SY's advertising revenues are largely inflated[,]" due in part to Blue Orca's "data scrapping reveal[ing] that 24% of the clinics sold zero procedures on SY's platform in 2020[,]" and "that over 50% of the clinics listed on the platform had 50 or fewer bookings."
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Whistleblower Notice: Persons with non-public information regarding So-Young should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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