NEW YORK, Feb. 5, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Yangtze River Port and Logistics Limited ("Yangtze" or the "Company") (NASDAQ: YRIV) and other defendants, related to alleged violations of federal securities laws. If you purchased Yangtze securities between February 2, 2016 through December 5, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information. The lead plaintiff deadline is March 4, 2019.
Yangtze is a Chinese logistics and port management company.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Yangtze's purported lease of the Wuhan Yangtze River Newport Logistics Center, the company's main asset, was a fabrication; (2) Yangtze's only operating subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd., was declared insolvent in China due to a number of default judgments; and (3) as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
On August 27, 2018, pre-market, Barron's published an article entitled, "A Troubled Chinese Company Is Seeking a Lifeline From U.S. Investors," that revealed Wuhan Newport was "showing up on official websites in which Chinese courts list debtors with unpaid legal judgments." On this news, shares of Yangtze fell $0.11 to close at $11.53.
On December 6, 2018, pre-market, Hindenburg Research published a report entitled, "[Yangtze]: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated."
On this news, shares of Yangtze fell $3.34 over the next two trading days – over 28% –to close at $8.28 on December 7, 2018.
What You Can Do
If you purchased Yangtze securities between February 2, 2016 through December 5, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org.
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, Connecticut, California, and Ohio.
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