NEW YORK, Jan. 25, 2019 /PRNewswire/ -- Yangtze River Port and Logistics Limited (NASDAQ: YRIV) (the "Company"), an international infrastructure company that engages in the business of real estate development via a port logistic project located in the middle reaches of China's Yangtze River in Wuhan, China, filed a defamation lawsuit in the New York Supreme Court, New York County, against Hindenburg Research, Nathan Anderson, ClaritySpring Securities, LLC and ClaritySpring Inc. (collectively, "Defendants") in response to their coordinated and orchestrated market manipulation scheme to disseminate false, misleading and defamatory content to the marketplace regarding the Company for the purpose of inflicting substantial reputational harm on the Company for Defendants' own financial gain.
"We feel as a company the best way to fight the short and distort strategy of our accuser is to operate and litigate. Our assets have been acquired and developed with real cash payments; and, the long term investment opportunity for profit leveraging our assets will ring true for our investors. This is a long and calculated battle with these short sellers, and we intend to fight with all of our capabilities using every resource available to us. We have a bright future as a member of the global economy and we look forward to the first steps on a long journey," said Mr. Xiangyao Liu, Chairman and Chief Executive Officer of the Company.
The impetus for the action was a false, misleading and defamatory unsigned article published on December 6, 2018 through one of the Defendants' aliases, "Hindenburg Research," which erroneously accused Yangtze of making fraudulent misrepresentations in its public filings with the U.S. Securities and Exchange Commission ("SEC") or intentionally omitting material information in those filings, laundering money through sham transactions for the benefit of the Company's Chief Executive Officer, and being ensnared in a catastrophic liquidity crisis rendering the Company worthless.
As the Company's Complaint establishes with supporting evidence that was publicly filed with the SEC, the statements made in the Defendants' report are not only demonstrably false and misleading, but also nothing more than a "short and distort" attack on the Company for the financial gain of those Defendants, who concede in the Report that they "are short YRIV".
In the meantime, the Company has suffered a disastrous fallout from Defendants' coordinated attack, resulting in, among other things, reputational damage per se and monetary damages, which the Company seeks to redress through its lawsuit. The Company is confident that through this lawsuit, it will achieve the necessary legal recourse to compensate it for Defendants' wrongful actions and rehabilitate its reputation, enabling the Company to, once again, develop and continue to grow financially for the benefit of its shareholders.
About Yangtze River Port and Logistics Limited
Yangtze River Port and Logistics Limited primarily engages in the business of real estate development with a port logistic project located in the middle reaches of the Yangtze River. Yangtze River Port and Limited is a large infrastructure development project implemented under China's latest "One Belt One Road" initiative and is believed to be strategically positioned in Wuhan, a crucial trading window between China, the Middle East and Europe. The logistics center is also expected to provide a number of shipping berths for cargo ships of various sizes. Yangtze River Port and Limited is expected to provide domestic and foreign businesses a direct access to the Free Trade Zone in Wuhan. The project will include commercial buildings, professional logistic supply chain centers, direct access to the Yangtze River, Wuhan-Xinjiang-Europe Railway and ground transportation, storage and processing centers, IT supporting services, among others.
For additional information please go to: http://www.yerr.com.cn
This document includes "forward-looking" statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. Forward-looking statements are any statements other than statements of historical fact, including statements regarding Company's expectations, beliefs, hopes, intentions or strategies regarding the future. Among other things, these forward-looking statements may include statements regarding the change of Company's plan of operation, future opportunities as a result of the matter referenced in the above statements; and any other statements regarding Company's future beliefs, expectations, plans, intentions, financial condition or performance. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "continue," or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, our financial and business prospects, our capital requirements, our financing prospects, our relationships with employees, and our ability to realize the anticipated benefits of such transaction, and those disclosed as risks in other reports filed by us with the Securities and Exchange Commission, including those described in our most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K and subsequent amendment on Form 10-K/A, current report on Form 8-K, and other filings with the SEC.
We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.
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