BENSALEM, Pa., Nov. 06, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming December 6, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Ruhnn Holding Limited (“Ruhnn” or the “Company”) (NASDAQ: RUHN) American Depositary Shares (“ADSs”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Ruhnn’s April 2019 initial public offering (the “IPO” or the “Offering”).
Investors suffering losses on their Ruhnn investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On June 14, 2019, the Company reported its fourth quarter and fiscal year 2019 financial results, reporting that it only had 56 stores in operation, indicating that nearly 40% of the stores reported in the Registration Statement had been closed. The Company also disclosed that product sales had fallen sequentially 46%.
Since the IPO, Ruhnn’s shares have traded as low as $7.07 per share, or 43% below the IPO price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40%; (2) that at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) that as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (4) 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.
If you purchased Ruhnn ADSs pursuant and/or traceable to the Registration Statement, you may move the Court no later than December 6, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com