May 3, 2021 - The case was dismissed.

April 26, 2021 - A joint stipulation of dismissal was filed.

March 31, 2021 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

July 2, 2020 - A motion to dismiss the amended consolidated complaint was filed.

March 19, 2020 - An amended consolidated complaint was filed.

November 12, 2019 - An investor in shares of Yunji Inc. (NASDAQ: YJ) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Yunji Inc. in connection with certain allegedly false and misleading statements made in connection with the Company’s May 2019 initial public offering (“IPO”).

China based Yunji Inc. operates a social e-commerce platform in the People's Republic of China. In May 2019, Yunji Inc held its initial public offering (“IPO”), in which it sold 11 million American Depositary Shares (“ADSs”) for $11 per share. However, since the IPO, Yunji Inc stock has traded as low as $4.30 per share on November 11, 2019.

According to the complaint the plaintiff alleges, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Defendants failed to disclose to investors, that the Company was shifting certain of its sales to its marketplace platform, that this supply chain restructuring was likely to disrupt Yunji’s relationships with suppliers, that this supply chain restructuring was likely to have an adverse impact on the Company’s financial results, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.