-
You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of August 11, 2021 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
April 22, 2021 - The court preliminarily approved the settlement.
April 1, 2021 - A stipulation of settlement was filed by the parties.
October 25, 2019 - An amended complaint was filed.
February 11, 2019 - An investor in shares of Uxin Limited (NASDAQ: UXIN) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Uxin Limited in connection with certain allegedly false and misleading statements made in connection with Uxin’s initial public offering (“IPO”) held on or around June 27, 2018.
China based Uxin Limited, through its subsidiaries, operates an used car e-commerce platform in China. Uxin Limited reported that its annual Total Revenue rose from 824.50 million CNY in 2016 to over 1.91 billion CNY in 2017 and that its Net Loss increased from over 1.35 billion CNY in 2016 to over 2.72 billion CNY in 2017.
On November 19, 2018, Uxin Limited reported that transaction volume for one of its business segments had declined 8.5% year-over-year and gross merchandise value had declined 14.8% due to its “recent change of approach in serving customers with car-selling needs.”
According to the complaint the plaintiff alleges on behalf of purchasers of the securities of Uxin Limited (NASDAQ: UXIN) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Uxin’s initial public offering (“IPO”) held on or around June 27, 2018, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the Registration Statement was false and/or misleading and/or failed to disclose that Uxin Limited was likely to stop providing complementary services such as inspections to its customers, that instead, Uxin would connect consumers to dealers who would provide such complementary services, that as a result, Uxin’s 2B business would be materially impacted, and that consequently, defendants’ statements in the Registration Statement concerning Uxin’s business, operations, and prospects, were materially false and/or misleading.