RUHNN SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Ruhnn Holding Limited To Contact The Firm
New York, New York--(Newsfile Corp. - October 22, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ruhnn Holdings Limited (NASDAQ: RUHN) ("Ruhnn" or the "Company") of the December 6, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Ruhnn stock or options pursuant and/or traceable to the Company's April 3, 2019 Initial Public Offering ("IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/RUHN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Ruhnn American Depository Shares ("ADSs") pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with Ruhnn's April 3, 2019 IPO. The case, Guo v. Ruhnn Holding Limited et al., No. 19-cv-05667 was filed on October 7, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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 (4) 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.
Since the IPO, in which 10 million Ruhnn ADSs were offered at a price of $12.50 per share, the Company's share price has substantially declined.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ruhnn's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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