Uxin Limited (UXIN) Accused of Inflating its IPO Price

According to the complaint, Uxin Limited (UXIN) held its IPO in June 2018, and generated over $205 million in proceeds based on misleading offering documents. Uxin failed to disclose necessary material facts such as known trends, events, or uncertainties that were likely to have an impact on its operations. In August 2018, Uxin announced a strategic change in its approach in serving customers with car-selling needs. In November 2018, Uxin reported that the transaction volume had decreased by 8.5%. Following this news, Uxin's share price closed at $4.50, which was approximately 50% of the IPO price of $9.00 per share. The stock now trades even lower at just $3.40.

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