Third firm launches class action lawsuit against Poly-Mei Excellent products

Absrtact: December 16, last week, Poly-Mei Excellent products (NYSE Stock code: JMEI) by some U.S. law firm investigation and class action. Today, another US law firm, Milberg LLP, has announced that it is conducting an investigation into the United States, while also representing

December 16, last week, Poly-Mei Products (NYSE Stock code: JMEI) by some U.S. law firms investigation and class action. Today, another US law firm, Milberg LLP, announced that it was conducting an investigation into the U.S. Investors in the United States Depository Receipts (ADS) from May 16, 2014 to November 19, 2014 were also represented in the District Court of eastern New York to launch a class-action lawsuit against Poly-Mei.

In a class action lawsuit, the Milberg LLP claimed that during the above period, the company and some company officials violated the relevant U.S. Federal Securities Act and disseminated false and misleading statements and information to public investors.

In a lawsuit, Milberg Limited has specifically accused the company and some of its executives of spreading false and misleading statements, or failing to disclose the following information: 1, the United States excellent products in the third party from the platform sales to the merchant direct marketing process failed to disclose revenue model adjustment; 2, This mode of change to the United States excellent products before the successful financial performance has brought great risks; 3, Poly-Mei excellent products did not like the promise of the expansion of Third-party platform marketing Services. As a result, the prosecution believes that, when these adverse facts emerged, the price of Poly-Mei products has slipped, thereby further undermining the interests of investors.

The data show that December 11, 2014, the United States, the U.S. depository vouchers for the price of each share fell to 12.87 U.S. dollars low, and on August 18, 2014, once rose to 39.45 U.S. dollar high level.

To this end, Milberg LLP announced a survey of the United States and launched a class action lawsuit. At the same time, the law firm also called on investors from May 16, 2014 to November 19 to apply to the court as the main plaintiff by February 10, 2015, thereby making it possible to become a member of a class action entitled to initiate a direct action.

Last week, another two law firms, Robbinsgeller Rudman and Dowd LLP ("Robbins"), and the Rosen lawfirm (hereinafter "Rosen") also filed a class-action lawsuit against the company for the same reason. In the listing filing, the company has not disclosed to investors that it has relied on "suspicious" third-party commodity suppliers for its online store business, according to the Robbins Law.

Rosen says that there are multiple false disclosures, misleading statements, and undisclosed information in the United States. Among them, Poly-Mei excellent products did not accurately disclose its business model changes, that is, from the original model of commodity sales to the network store mode, and the change of the business model, will be the United States excellent products of the financial performance constitutes a huge risk, in addition to the United States excellent products are not in accordance with the disclosure of information expansion of the network store business.

In the US stock market in Monday, the United States shares fell 0.72 U.S. dollars, closed at 12.78 U.S. dollars, a decrease of 5.33%. In the past 52 weeks, the top stock price of the United States is 39.45 U.S. dollars, the lowest share price of 12.58 U.S. dollars.