Scott+Scott Attorneys at Law LLP Continues Investigating Yangtze River Port and Logistics Limited's Directors and Officers for Breach of Fiduciary Duties - YRIV
NEW YORK, Oct. 11, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, continues to investigate whether certain directors and officers of Yangtze River Port and Logistics Limited ("Yangtze" or the "Company") (NASDAQ: YRIV) breached their fiduciary duties to Yangtze and its shareholders. If you are a Yangtze shareholder, you may contact attorney Joe Pettigrew for additional information: 844-818-6982 or [email protected].
Scott+Scott is investigating whether members of Yangtze's Board of Directors (the "Board") made false and/or misleading statements, or failed to disclose material adverse facts, about Yangtze's business. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether: (1) Yangtze's lease of Wuhan Newport, Yangtze's main asset and only operating subsidiary, was fabricated; (2) Wuhan Newport was declared insolvent in China due to numerous default judgments against it; and (3) as a result, defendants' statements about Yangtze's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 27, 2018, Barron's published, "A Troubled Chinese Company Is Seeking a Lifeline From U.S. Investors," revealing that Wuhan Newport was "showing up on official websites in which Chinese courts list debtors with unpaid legal judgments." On this news, Yangtze stock fell $0.11/share – almost 1% – to close at $11.53/share on August 27, 2018.
On December 6, 2018, Hindenburg Research published a report, entitled "Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated," which caused Yangtze stock to fall $3.34/share – over 28% – over the next two trading days to close at $8.28/share on December 7, 2018.
What You Can Do
If you are a Yangtze shareholder, you may have legal claims against Yangtze's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or [email protected].
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
View original content:http://www.prnewswire.com/news-releases/scottscott-attorneys-at-law-llp-continues-investigating-yangtze-river-port-and-logistics-limiteds-directors-and-officers-for-breach-of-fiduciary-duties--yriv-300937203.html
SOURCE Scott+Scott Attorneys at Law LLP