NEW YORK, March 3, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of MOGU Inc. ("MOGU" or the "Company") (NYSE: MOGU). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether MOGU and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 25, 2021, 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 RMB141.2million 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 $0.20 per ADR, or 8%, to close at $2.30 per share on February 25, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. WilloughbyPomerantz LLP email@example.com
SOURCE Pomerantz LLP