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
Forward-Looking Statements:
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.
CONTACT:
James Coleman
Executive Director
jcoleman@yerr.com.cn
646-861-3315
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SOURCE Yangtze River Port and Logistics Limited