Several American firms initiate class action against Poly-Mei Products

Source: Internet
Author: User
Keywords Poly-Beauty products class action investors
December 13, according to foreign media reports, the United States law firms in Friday called for investors to the Poly-Mei (NYSE: JUMI) to bring a class action, including Robbins Geller Rudman & Dowd LLP (hereinafter referred to as "Robbins Geller "), the Rosen Firm (hereinafter referred to as" the Rosen "), the reasons for the two law firms to initiate class action are:" The presence of a "false and misleading financial statement, the failure to disclose a change in the pattern of sales that triggered a change in the financial situation, which led to investor damage" Behavior. At the same time, another US law firm Faruqi & Faruqi, LLP (hereinafter referred to as "Faruqi & Faruqi") also conducted a survey of the relevant financial aspects of the United States, and appealed to investors to take appropriate legal action on the poly-Mei products. Since September this year, Poly-Mei excellent products announced that the third party platform cosmetics sales all to self, all by brand cooperation, counter purchase and the United States to replace the overseas purchase. American law firm Robbins Geller announced in Friday that Investors who bought the US depositary shares on May 16, 2014 (the day of the IPO) to November 19, 2014 have launched a class action lawsuit against the United States in the Federal District Court of southern New York. Robbins Geller said in the allegations that some of the company's officials and directors, as well as IPO underwriters, violated the U.S. Securities Act 1933 regulations. Robbins Geller points out that the IPO was very successful May 16 this year. On the same day, Poly-Mei products to public investors issued and sold more than 12.7 million shares of the United States depository shares of 22 U.S. dollars per share, the total amount of financing of about 280 million U.S. dollars. Robbins Geller alleges that according to the rules and regulations governing the registration of listed companies, the authorities have requested the company to disclose the suspicious behavior of suspicious suppliers on its third party supply platform on the IPO, so that the United States must stop cooperating with these suppliers, At the same time, the disclosure of the cessation of business cooperation with these suppliers will lead to the increase in product products, and at least temporarily lead to the company's products due to the type and quantity of goods decline in the final revenue decline. However, in the listing statement, Poly-Mei products are not disclosed in accordance with the requirements. In its "Business Update" document issued in July this year, the company presented a series of measures to be taken by the corporation in the future to ensure the legality of the sale of its goods on its website and the company's real financial report for the third quarter of 2014 (as at September 30, 2014 of the quarterly financial report The business model described in the file is adjusted to produceThe negative impact) and other related circumstances, by these factors, poly-US-American depository stock prices are also falling. At present, the United States and the U.S. depository stock prices have fallen below 14 U.S. dollars, compared with the IPO price, down about 38%. Therefore, Robbins Geller on behalf of all in the period from May 16, 2014 to November 19, 2014, the United States to buy the U.S. depository stock investors, asked Poly-Mei excellent products company to make damages. The class action will have Robbins Geller as representative. Robbins Geller has extensive experience in dealing with investor class action cases, especially those involving financial fraud cases. Meanwhile, the US law firm, the Rosen, announced in Friday that it had also launched a class-action lawsuit against the United States in the New York Eastern District Court on behalf of all investors who had bought the US depositary shares from May 16, 2014 to November 20, 2014. "The company issued a false and misleading statement and did not disclose the following factual information: 1, the United States excellent products in the adjustment of the sales model caused by the changes in the revenue model related to the situation; 2, This pattern adjustment has brought great risks to the successful financial performance of Poly-Mei products, and 3, the company did not expand its previous declaration of "Market (Marketplace)" service model. As a result, the Rosen alleges that, when these adverse effects were revealed, the shares of the US equities began to depreciate and fall sharply, causing losses to investors. The company specializes in stock-and securities-related class-action cases, as well as cases related to financial fraud. In addition to the class action actions of the two law firms, another US law firm, Faruqi & Faruqi, has also launched an investigation into possible securities frauds in the United States and called on investors to launch a class action lawsuit against the company. The survey focused on whether the company and its executives violated the United States federal Securities Act in relation to the publication of false and misleading statements and the fact that the business and operations of the year were not relevant. Faruqi & Faruqi pointed out that November 19, 2014, Poly-Mei Products announced that its third quarter gross profit in net revenue accounted for the proportion of 38%, gross profit in the total value of sales of goods fell to 22%, The reason for this decline is mainly because the increase in the size of the promotional activities led to increased commodity discounts, and cosmetic sales model adjustment caused the impact of value-added tax increases. Affected by the news, Poly-Mei products in the November 20, 2014 U.S. stock Exchange, the share price plunged 2.91 U.S. dollars, to 19.32 U.S. dollars, a decline of more than 13%. To this end, Faruqi & FaRuqi called on investors to take legal action on the company's products, calling on investors to buy the stock or option before November 20, 2014 to log on to the website, to participate in the discussion of the United States to take action to protect the rights related matters. In fact, in recent days, U.S. law firm Johnson & Weaver has said it is investigating whether the company has published false or misleading information about current business, business prospects, and supplier data behavior. In addition, another US law firm, Glancy Binkow & Goldberg LLP, announced in Wednesday that it is representing the interests of investors in the Poly (NYSE Securities Code: JMEI) and has launched an investigation into whether the company violates federal securities regulations. The law firm's investigation focuses on the business and financial performance and expectations of the company. In Friday, during the regular trading of the US stock market, poly-Mei stock fell slightly more than 0.01 U.S. dollars, closed at 13.50 U.S. dollars, a decrease of 0.07%. In the last 52 weeks, the top price of poly-Mei products is 39.45 U.S. dollars, the lowest share price of 12.87 U.S. dollars. (Niuniu)
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