Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Yatsen Holding Limited (YSG) Investors

Sep 28th, 2022 13:00 EST

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Yatsen Holding Limited (“Yatsen” or the “Company”) (NYSE: YSG) American Depository Shares (“ADS”): (a) between November 19, 2020 and March 10, 2022, inclusive (the “Class Period”); and/or (b) pursuant or traceable to the Company’s Registration Statement and related prospectus (collectively, the “Offering Documents”) issued in connection with Yatsen’s November 2020 initial public offers (the “IPO” or “Offering”). Yatsen investors have until November 22, 2022 to file a lead plaintiff motion.

If you suffered a loss on your Yatsen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/yatsen-holding-limited/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

In November 2020, Yatsen conducted its IPO, selling 58.75 million ADSs at $10.50 per ADS.

On August 26, 2021, during a second quarter 2021 analyst call, Yatsen disclosed that its cosmetic line, Perfect Diary, had been deteriorating, requiring the Company to “refocus.”

On this news, Yatsen’s stock fell $1.03, or 17.6%, to close at $4.81 per ADS on August 26, 2021, thereby injuring investors.

Then, on November 17, 2021, Yatsen released its third quarter 2021 financial results, revealing a significant decrease in gross sales from the Company’s cosmetics brands.

On this news, Yatsen’s stock fell $0.59, or 17.9%, to close at $2.70 per ADS on November 17, 2021.

On March 10, 2022, Yatsen released its fourth quarter and full year financial results for 2021, disclosing a decrease of 22.1% in net revenues and 17.2% in gross sales.

On this news, Yatsen’s stock fell $0.49, or 39.5%, to close at $0.75 per ADS on March 10, 2022, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period and in the Offering Documents, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) cosmetic and skincare sales of Perfect Diary and Little Ondine products were substantially declining in the period leading up to (and including at the time of) the IPO, and continued to decline throughout 2021, and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Yatsen ADSs during the Class Period, you may move the Court no later than November 22, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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