NEW YORK, Dec. 13, 2018 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Yangtze River Port & Logistics Limited ("Yangtze" or the "Company") (NASDAQ: YRIV) Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Yangtze and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On December 6, 2018, Hindenburg Research ("Hindenburg") published a report entitled "Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated". The Hindenburg report described Yangtze as "a scheme run by its Chairman & controlling shareholder to siphon money away from U.S. public markets." Among other allegations, the Hindenburg report asserted that Yangtze's "only operating entity has been declared insolvent in China and is involved in multiple undisclosed legal proceedings" and, citing "government-sourced documents and interviews with local officials, we believe that at least 77% of the company's reported assets are fabricated."
Following publication of the Hindenburg Report, Yangtze's stock price fell $3.34 per share, or 28.74%, over the following two trading sessions, closing at $8.28 per share on December 7, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP