INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Uxin Limited & Encou...
March 29 2019 - 9:05PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Eastern District of New York on behalf of those who acquired Uxin
Limited (“Uxin” or the “Company”) (NASDAQ: UXIN) securities
pursuant and/or traceable to its June 2018 Initial Public Offering
(“IPO”). Investors have until April 12, 2019 to apply to the Court
to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, the Registration Statement was false
and/or misleading and/or failed to disclose that: (i) Uxin was
likely to stop providing complementary services such as inspections
to its customers; (ii) instead, Uxin would connect consumers to
dealers who would provide such complementary services; and (iii) as
a result, Uxin’s 2B business would be materially impacted.
On or around June 27, 2018, Uxin completed its initial public
offering (“IPO”), issuing 25 million American depositary receipts
(“ADRs”) priced at $9.00 per share. On November 20, 2018, Uxin
reported that the transaction volume of its 2B business had
declined 8.5% year-over-year and that gross merchandise value had
declined 14.8% year-over-year due to the Company’s decision to stop
providing services such as inspections for its customers.
Following this announcement, Uxin’s ADR price fell $0.60 per
share, or 11.76%, to close at $4.50 per share on November 20, 2018,
representing a total decline of $4.50 per share, or 50%, from the
IPO price of $9.00 per share.
If you acquired Uxin securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, or by filling out this contact
form, to discuss your rights or interests with respect to these
matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190329005560/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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