NEW YORK, Oct. 16, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm announces that a federal class action lawsuit has been filed against Ruhnn Holding Limited ("Ruhnn" or the "Company") (NASDAQ: RUHN) and certain of its officers and directors, alleging violations of federal securities laws. If you purchased Ruhnn American Depository Shares (ADS) pursuant and/or traceable to the Company's initial public offering (IPO) on or about April 3, 2019, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at (844) 818-6982 for more information. The lead plaintiff deadline is December 6, 2019.
The lawsuit alleges that the registration statement used to effectuate Ruhnn's IPO contained false and/or misleading statements and/or failed to disclose, among other things, 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%; and (3) as a result, the Company's net revenues derived from its full-service segment had declined by 46% on a sequential basis. Accordingly, defendants' statements about Ruhnn's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On June 14, 2019, Ruhnn reported its fiscal year and fourth quarter 2019 financial results.
On October 7, 2019, the day the action was filed, Ruhnn's securities closed at $6.84 per ADS, representing a 45% decline from the $12.50 per ADS IPO price.
What You Can Do
If you purchased Ruhnn stock in or traceable to the Company's IPO, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected], or visit the Ruhnn page on our website https://scott-scott.com/case/ruhnn-holding-limited/.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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