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Yangtze River Port and Logistics Limited

Company NameYangtze River Port and Logistics Limited
Stock SymbolYRIV
Class PeriodFebruary 02, 2016 to December 05, 2018
Lead Plaintiff Motion DeadlineMarch 04, 2019

On December 6, 2018, Hindenburg Research published a report describing the Company as “a scheme run by its Chairman & controlling shareholder to siphon money away from U.S. public markets.” On this news, shares of Yangtze River fell $1.71, or 17%, to close at $8.28 on December 7, 2018, thereby injuring investors.

The complaint filed in this class action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Yangtze’s purported lease of the Wuhan Yangtze River Newport Logistics Center, the company’s main asset, was a fabrication; (2) Yangtze’s only operating subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd., was declared insolvent in China due to a number of default judgments against it; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

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