LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MOGU Inc. (“MOGU” or “the Company”) (NYSE: MOGU) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. MOGU disclosed its unaudited financial results for the third quarter of fiscal year 2021 on February 25, 2021. The Company stated: “Commission 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,” and that “Marketing 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 “other 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.” The Company 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.” Based on this news, MOGU’s ADR price fell by 17% over the next several trading sessions.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at email@example.com.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.