NEW YORK, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Yangtze River Port & Logistics Limited (“Yangtze” or the “Company”) (Nasdaq: YRIV) in the United States District Court for the Eastern District of New York, on behalf of a class consisting of investors who purchased or otherwise acquired securities of Yangtze between February 2, 2016 through December 5, 2018 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges that Yangtze and certain senior executives made false and/or misleading statements and/or failed to disclose that: (i) Yangtze’s purported lease of the Wuhan Yangtze River Newport Logistics Center, the Company’s main asset, was a fabrication; and (ii) Yangtze’s only operating subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd., was declared insolvent in China due to a number of default judgments against it.  Following the publication of a report by Hindenburg Research on December 6, 2018, the price of Yangtze shares fell by $3.34, or 28.74%, over the following two trading sessions, closing at $8.28 on December 7, 2018.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the March 4, 2019 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.