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, Uxins 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 Companys decision to stop providing services such as inspections for its customers.
Following this announcement, Uxins 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 [email protected], 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 firms 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 McInerneys website: www.kmllp.com.
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