New York, New York–(Newsfile Corp. – September 30, 2022) – Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors that a securities class action lawsuit has been filed against Yatsen Holding Limited (NYSE: YSG) (“Yatsen” or the “Company”), its U.S. representatives, its controlling shareholder, certain Yatsen directors and officers, and the underwriters of Yatsen’s November 2020 initial public offering, alleging violations of the Securities Act of 1933, the Exchange Act of 1934 and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder.
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Yatsen operates in the Chinese cosmetics market, generating substantially all of its net revenue from the sale of beauty products under the Perfect Diary and Little Ondine brands.
According to the complaint filed in the Southern District of New York, Yatsen and the other named defendants misled investors into believing that Perfect Diary and Little Ondine were thriving, thereby driving Yatsen’s “healthy” top-line growth at the time of its IPO and quarter after quarter thereafter. In truth, however, cosmetic and skincare sales of Perfect Diary and Little Ondine products were declining in the period leading up to (and including at the time of) the IPO and throughout 2021.
Moreover, as the truth about Yatsen’s business reached the market, the value of the Company’s shares declined dramatically, causing Yatsen investors to suffer significant damages. By the commencement of the action, Yatsen’s shares traded as low as $0.39 per ADS, representing a decline of over 96% from the $10.50 IPO offering price.
What You Can Do – CLICK HERE
If you purchased Yatsen American Depository Shares (“ADS”) between November 19, 2020 and March 10, 2022 (the “Class Period”), including in, pursuant to, and/or traceable to the Company’s IPO on or about November 19, 2020, and have suffered a loss, realized or unrealized, and you wish to discuss this action, please contact attorney Jonathan Zimmerman at (888) 398-9312 or at jzimmerman@scott-scott.com. The lead plaintiff deadline is November 22, 2022.
About Scott+Scott Attorneys at Law LLP
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, Connecticut, California, and Ohio.
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CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
(888) 398-9312
jzimmerman@scott-scott.com
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