INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
January 08 2015 - 12:32PM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Jumei
International Holding Limited (“Jumei” or the “Company”)
(NYSE:JMEI) that purchasers of Jumei securities pursuant and/or
traceable to the Registration Statement and Prospectus issued in
connection with the Company’s initial public offering on or about
May 16, 2014, and/or purchasers on the open market between May 16,
2014 and November 20, 2014, have until February 10, 2015, to file a
motion to be appointed as lead plaintiff in the shareholder lawsuit
filed in the United States District Court for the Southern District
of New York.
Jumei operates as an online retailer of beauty products in the
People’s Republic of China. The Complaint alleges that defendants
made false and/or misleading statements and/or failed to disclose
to investors that: (1) Jumei’s pre-IPO sales growth was partially
driven by third-party vendors in its Marketplace services who were
able to sell counterfeit products at a discount; (2) the Company
was unable to sufficiently detect counterfeit products under the
new government regulations for overseeing its online suppliers and
penalizing counterfeit product sales, and would be unable to
maintain its Marketplace services business segment without
significant risk of penalties; (3) the Company’s revenues and
customer acquisitions would slow dramatically and fall far short of
expectations the Company had set for investors; and (4), as a
result of the foregoing, defendants’ positive statements about the
Company’s business, operations and prospects were materially false
and misleading at all relevant times.
On November 19, 2014, the Company reported its unaudited
financial results for third quarter 2014. According to the Company,
for the quarter ended September 30, 2014, Jumei’s total gross
merchandise value (GMV) grew by a disappointing 31.4% from the
prior year, and gross profit as a percentage of total net GMV
decreased to 22%, down from 25.9% in the same period of 2013,
“primarily due to an increase in promotional activities, which led
to relatively higher pricing discounts, as well as the higher
value-added tax paid as a result of a shift from beauty product
marketplace sales to merchandise sales.” On this news, shares of
Jumei declined $2.91 per share, or 13%, to close on November 20,
2014, at $19.32 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move
the Court no later than February 10, 2015, to serve as lead
plaintiff; however, you must meet certain legal requirements. 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 Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLPCasey
Sadler310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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