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Case Status:    ONGOING    
On or around 07/03/2020 (Date of last review)

Filing Date: November 12, 2019

According to the Complaint, Yunji operates a social e-commerce platform in China based on a membership-based model. It purports to offer high-quality products at attractive prices and incentivizes its members to promote the platform with their social contacts.

On April 30, 2019, the Company filed its final amendment to the Registration Statement with the SEC on F-1/A, which forms part of the Registration Statement. The Registration Statement was declared effective on May 2, 2019.

On May 3, 2019, the Company held its IPO in which it sold 11,217,447 shares for $11.00 per share.

The Complaint alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, the Complaint alleges 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.

On February 3, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on March 19.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Apparel/Accessories
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: YJ
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-06403
JUDGE: Hon. LaShann DeArcy Hall
DATE FILED: 11/12/2019
CLASS PERIOD START: 05/03/2019
CLASS PERIOD END: 11/12/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (NY)
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 19-CV-06403
JUDGE: Hon. LaShann DeArcy Hall
DATE FILED: 03/19/2020
CLASS PERIOD START: 05/03/2019
CLASS PERIOD END: 11/12/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (New York)
No Document Title Filing Date
—Related District Court Filings Data is not available