Yunji Inc.
| Company Name | Yunji Inc. |
| Stock Symbol | YJ |
| Lead Plaintiff Motion Deadline | January 13, 2020 |
On May 3, 2019, the Company held its IPO in which it sold 11,217,447 shares for $11.00 per share.
On August 22, 2019, the Company disclosed a supply chain restructuring that shifted part of its merchandise sales to its marketplace platform, resulting in a year-over-year decrease in total revenues for second quarter 2019.
On this news, the Company’s share price fell $1.21, nearly 11%, to close at $9.39 per share on August 22, 2019, thereby injuring investors. The share price continued to decline by $3.34, or over 35%, over the next three consecutive trading sessions to close at $6.05 per share on August 27, 2019, thereby injuring investors further.
By the commencement of this action, Yunji’s shares were trading as low as $4.40 per share, a nearly 60% decline from the $11 per share IPO price.
The Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the Company was shifting certain of its sales to its marketplace platform; (2) that this supply chain restructuring was likely to disrupt Yunji’s relationships with suppliers; (3) that this supply chain restructuring was likely to have an adverse impact on the Company’s financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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