Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Yangtze River Port and Logistics Limited
LOS ANGELES, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the March 4, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Yangtze River Port and Logistics Limited (“Yangtze River” or the “Company”) (NASDAQ: YRIV ) securities between February 2, 2016 and December 5, 2018, inclusive (the ″Class Period″). Yangtze River investors have until March 4, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On December 6, 2018, Hindenburg Research published a report describing the Company as “a scheme run by its Chairman & controlling shareholder to siphon money away from U.S. public markets.” On this news, shares of Yangtze River fell $1.71, or 17%, to close at $8.28 on December 7, 2018, thereby injuring investors.
The complaint filed in this class action alleges that 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 against it; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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If you purchased shares of Yangtze River, you may move the Court no later than March 4, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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