NEW YORK, Feb. 13, 2019 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Yangtze River Port and Logistics Limited (“Yangtze River” or the “Company”)(NASDAQ:YRIV) of the March 4, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Yangtze River stock or options between February 2, 2016 and December 5, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/YRIV. 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 protected]
FARUQI & FARUQI, LLP
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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 Yangtze River securities between February 2, 2016 and December 5, 2018 (the “Class Period”). The case, Behrendsen v. Yangtze River Port and Logistics Limited et al., No. 19-cv-00024 was filed on January 2, 2019, and has been assigned to Chief Judge Dora Lizette Irizarry.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Yangtze River’s purported lease of the Wuhan Yangtze River Newport Logistics Center, the company’s main asset, was a fabrication; and (2) Yangtze River’s only operating subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd., was declared insolvent in China due to a number of default judgments against it.
On August 27, 2018, before the market opened, Barron’s published an article revealing that one of the Company’s operating subsidiaries was “showing up on official websites in which Chinese courts list debtors with unpaid legal judgments.”
On this news, Yangtze River’s share price fell from $11.64 per share on August 26, 2018 to a closing price of $11.53 on August 27, 2018: a $0.11 or a 0.95% drop.
Then, on December 6, 2018, Hindenburg Research published a report in which it asserted that Yangtze River’s “Claim to Its Main Asset Is Likely Fabricated.”
On this news, Yangtze River’s share price fell from $11.62 per share on December 4, 2018 to a closing price of $8.28 on December 7, 2018: a $3.34 or a 28.74% drop.
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 Yangtze River’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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