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Case Status:    ONGOING    
On or around 05/14/2020 (Date of last review)

Filing Date: October 07, 2019

According to the Complaint, Ruhnn describes itself as China’s largest key opinion leader (“KOL”) facilitator and largest KOL facilitator in China’s e-commerce market. So-called KOLs are essentially social media influencers, i.e., individuals who create content on social media platforms such as Facebook, YouTube, Tik Tok, and Instagram with the hope of garnering a large public following. As a purported KOL facilitator, Ruhnn contracts with social media influencers who are paid to promote, market, and advertise products and services to their fans and followers. Ruhnn claims to recruit, train, and manage KOLs and provide them with analytical support. The Company describes such activities as “incubating” KOLs. Ruhnn’s KOLs primarily market women’s apparel, cosmetics, shoes, handbags, and other fashion products on social media platforms popular in China, such as Miaopai, Tik Tok, and Kuaishou.

On March 6, 2019, the Company filed with the SEC a registration statement on Form F-1 for the the Company’s April 3, 2019 initial public offering, which, after several amendments, was declared effective on April 2, 2019. The Complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40%; (2) at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (3) as a result, Defendants’ statements about Ruhnn’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On January 13, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.


Sector: Services
Industry: Printing & Publishing
Headquarters: China


Ticker Symbol: RUHN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 19-CV-05667
JUDGE: Hon. Ann M Donnelly
DATE FILED: 10/07/2019
CLASS PERIOD END: 10/07/2019
  1. The Rosen Law Firm, P.A. (NY)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available