Two law firms in the United States group Action against Poly-Beauty

Absrtact: The Chinese concept stocks in the U.S. stock market financial fraud and misleading investors in the storm, the delay has not subsided. Recently, the domestic cosmetics network retailer Poly Beauty products by the United States two law firms to sponsor the interests of the collective action of investors, Poly-Mei excellent products were pointed at

China's concept stocks in the U.S. stock market, "financial fraud" and "misleading investors" turmoil, has been slow to calm down.

Recently, the domestic cosmetics network retailer Poly Beauty products by the United States two law firms to sponsor the interests of the collective action of investors, poly-beauty products are alleged in the listing and follow-up process can not truly disclose business operations information, to the United States investors have lost, two lawyers invited to buy shares of investors to participate in class action, joint claims.

The two law firms that initiated the class action respectively were the Robbinsgeller rudman& Dowd LLP (hereinafter referred to as "Robbins"), and the Rosen Lawfirm (hereinafter referred to as "Rosen").

The Rosenry, who filed a lawsuit at the Federal District Court in eastern New York, filed a petition at the Federal District Court in southern New York.

The media have been informed of the lawsuit through the two commercial drafts issued December 13.

Among them, Ms. Rosen said, the class action that it initiated would represent investors who would buy the poly-US stock from May 16, 2014 to November 20, 2014. Investors wishing to take part in the proceedings may contact the firm's website or telephone.

Ms. Rosen says there are multiple false disclosures, misleading statements, and undisclosed information.

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.

The plaintiffs pointed out that if these adverse news were to be disclosed in the market, the value of the stocks of poly-Mei products would fall and investors ' interests would be impaired.

Robbins Law's collective action representatives of investors, also from May 16, 2014 (Poly-MEI Excellent products IPO date) to November 20, 2014 to buy the stock of the United States excellent products.

Some of the top executives, directors and listed underwriters of the company violated the Securities Act of 1933 in the course of listing, Robbins said.

The company notes that in the listing application, the company does not disclose to investors that it is relying on "suspicious" third-party commodity suppliers in the online store business.

According to the data, all the two firms representing the interests of the United States and investors, two firms have said that the interests of the damaged poly-Mei gifted investors can participate in the collective action to claim.

The amount claimed is not yet known.

Before the initiation of the class action, two firms have investigated the illegal behavior of the listing process and information disclosure.

Friday, the shares of the United States did not fluctuate sharply, the same day the share price fell 0.07%, closed at 13.5 U.S. dollars, the current company market value is shown as 1.95 billion U.S. dollars.

According to the U.S. stock market data, October 31 this year, the Poly-Mei excellent products closed at a high of 26.92 U.S. dollars, in one months, the company's share price was halved, the market value of a sharp contraction.