A lawsuit was filed on behalf of investors in Ruhnn Holding Limited (NASDAQ: RUHN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/23/2019 -- An investor, who purchased shares of Ruhnn Holding Limited (NASDAQ: RUHN), filed a lawsuit over alleged violations of Federal Securities Laws by Ruhnn Holding Limited in connection with Ruhnn's April 3, 2019 initial public stock offering (the "IPO").
Investors who purchased shares of Ruhnn Holding Limited (NASDAQ: RUHN) have certain options and for certain investors are short and strict deadlines running. Deadline: December 6, 2019. NASDAQ: RUHN investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On or about April 3, 2019, Ruhnn sold 10 million shares of stock in its initial public stock offering (the "IPO"), at $12.50 a share raising $125,000,000 in new capital. However, since the IPO, Ruhnn stock has plummeted, on August 22, 2019, the stock closed at $4.50.
On June 13, 2019, Ruhnn Holding Limited announced its fourth quarter and fiscal year 2019 financial results. Ruhnn Holding Limited reported that its annual Total Revenue rose from 947.58 million RMB for the 12 months period that ended on March 31, 2018 to over 1.09 RMB billion for the 12 months period that ended on March 31, 2019 and that its Net Loss declined from 104 million to 73.24 million over those respective time periods.
Shares of Ruhnn Holding Limited (NASDAQ: RUHN) declined to as low as $3.06 per share on June 3, 2019.
The plaintiff claims that the Registration Statement that was filed with the SEC in connection with the IPO contained false and/or misleading statements and/or failed to disclose that at the time of the IPO, the number of Ruhnn's online stores had declined by nearly 40%, that at the time of the IPO, the number of Ruhnn's full-service Key Opinion Leaders had declined by nearly 44%, that as a result, the Company's net revenues derived from its full-service segment had declined by 46% on a sequential basis, and that 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.
Those who purchased shares of Ruhnn Holding Limited (NASDAQ: RUHN) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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