WHY:Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of MOGU Inc. (MOGU) - Get Report resulting from allegations that MOGU may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased MOGU securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT:To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2077.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT:On February 25, 2021, pre-market, MOGU issued a press release announcing its unaudited financial results for the third quarter of fiscal year 2021. Among other results, MOGU reported that "[c]ommission revenues decreased by 29.8% to RMB99.2 million (US$15.2million) from RMB141.2 million in the same period of fiscal year 2020, primarily due to the restructuring of the Company's business towards a LVB-focused model"; that "[m]arketing services revenues decreased by 75.9% to RMB17.4 million (US$2.7million) from RMB72.5 million in the same period of fiscal year 2020 … primarily due to the restructuring of the Company's business towards a LVB-focused model"; and that "[o]ther revenues decreased by 46.4% to RMB29.9 million (US$4.6million) from RMB55.9 million in the same period of fiscal year 2020, primarily due to a decrease in online direct sales." MOGU also reported a loss from operations of RMB123.2 million, "primarily attributable to a goodwill impairment incurred in the third quarter of fiscal year 2020."
On this news, MOGU's American Depositary Receipt ("ADR") price fell $0.43 per ADR, or 17%, over the next two days to close at $2.07 per ADR on February 26, 2021, damaging investors.
WHY ROSEN LAW:We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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