Uxin Limited (NASDAQ: UXIN) Investor Securities Class Action Lawsuit 02/11/2019

If you purchased shares of Uxin Limited (NASDAQ: UXIN), you have certain options and for certain investors are short and strict deadlines running. Deadline: April 12, 2019. NASDAQ: UXIN investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Uxin Limited
Case Name: 
Uxin Limited Shareholder Class Action 02/11/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: UXIN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/11/2019
Class Period Begin: 
06/27/2018
Class Period End: 
02/11/2019
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
04/12/2019
Summary: 

An investorin 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.