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BOSTON, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that there has been a class action lawsuit filed against Ruhnn Holding Limited (NASDAQ: RUHN) and certain of its officers alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are required to move for appointment by December 6, 2019 and are encouraged to contact Block & Leviton LLP to learn more.
The class action complaint, which was filed in the Eastern District of New York and captioned GUO v. Ruhnn Holding Limited, et al., No. 1:19-cv-05667 (E.D.N.Y.), alleges that Defendants made materially false and/or misleading statements in the registration statement and prospectus issued in connection with Company’s April 2019 initial public offering (“IPO”). Specifically, it is alleged that the Defendants failed to disclose that, at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40% -- falling to 56 stores compared to the pre-IPO high of 90 – and that product sales had fallen 46% on a sequential basis.
The truth came to light on July 14, 2019, when the Company reported the sharp declines in online stores and product sales in its financial reports for the period preceding the IPO. Since the IPO, Ruhnn’s shares have traded as low as $6.47 per share, or 43% below the IPO price of $11.50 per share.
If you purchased or otherwise acquired Ruhnn securities pursuant and traceable to the registration statement and prospectus issued in connection with the Company’s April 3, 2019 IPO, and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at email@example.com, or by visiting http://shareholder.law/ruhn.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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