US law firm investigates whether Poly-Mei products are false and misleading

Absrtact: December 10, US shareholder equity law firm Johnson Weaver.llp announced in Tuesday that the company is investigating whether the poly (NYSE Securities Code: JMEI) and some of its executives violate U.S. federal securities laws. Poly-American Excellent product is a big Chinese

December 10, US shareholder equity law firm Johnson & WEAVER.LLP announced in Tuesday that the company is investigating whether the poly (NYSE Securities Code: JMEI) and some of its executives violate the U.S. federal securities law. Poly-Mei is a Chinese mainland cosmetics online retailer.

The Johnson & Weaver survey aimed to determine whether the company's business, prospects and suppliers ' statements were false and misleading.

May 16, 2014, the company's shares in the U.S. stock market opened 27.25 U.S. dollars, the same day in the initial public offering issued 11.1 million U.S. depository receipts, the highest share price reached 28.28 U.S. dollars.

But only a few months after the IPO, the company issued a disappointing third-quarter results for the market as of September 30, 2014.

The total turnover of poly-Mei products rose by only 31.4% in the year to 273 million U.S. dollars, the slowest quarterly growth recorded for the company.

The company's share price has fallen to $15.08 by December 9, 2014, after it hit its highest value of $34 at the end of August this year.

Johnson & Weaver said he hoped to work with the shareholders to investigate the matter, so as to safeguard their legitimate rights and interests.

In Tuesday, Poly-Mei shares fell 0.90 U.S. dollars in conventional trading in the NYSE, down 5.63% per cent in the previous session and at $15.08. In the past 52 weeks, the lowest share price for the United States is 14.69 U.S. dollars, the highest share price of 39.45 U.S. dollars. The company's shares were as low as $14.69 in Tuesday, the lowest since the IPO. (Mowgli)