Case: Ruhn Holding Limited
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NEW YORK, NY – October 9, 2019 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased American Depository Shares of Ruhnn Holding Limited (“Ruhnn” or the “Company”) (Nasdaq: RUHN). 

On April 5, 2019, Ruhnn closed its initial public offering of 10 million American Depository Shares at $12.50 per share, raising proceeds before expenses of approximately $116 million.  

According to Ruhnn’s IPO prospectus, the Company owns and operates “online stores on third-party e-commerce platforms, a majority of which are opened in the name of our KOLs [(key opinion leaders)], and generate revenue through online sales of our self-designed products to consumers, especially the fans of our KOLs' social media accounts that we manage . . . Under this model, we connect our KOLs with third-party online stores and merchants to promote products sold in third-party online stores or provide advertising services on KOLs' social media spaces to third-party merchants. This new model allows us to operate in a more asset-light manner and collaborate with a greater number and variety of KOLs and brands.”

The IPO prospectus further represented that the number of Company online stores was growing, from 57 as of March 31, 2017, to 86, as of March 31, 2018.  

However, on June 13, 2019, after the market closed, Ruhnn disclosed its financial results for its fourth quarter and full fiscal year ended March 31, 2019 and disclosed that before the IPO, the number of Company online stores had in fact declined.  On June 13, 2019, Min Feng, the Company’s founder and chairman, disclosed that “the number of the Company's online stores decreased to 56 as of March 31, 2019 from 86 as of March 31, 2018 . . . .”

As of the close of trading on October 8, 2019, Ruhnn shares traded at $6.59 per share, approximately 47% lower than Ruhnn’s IPO price.

If you purchased Ruhnn shares, and would like to discuss our investigation, please contact us by emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by calling 800-290-1952.  

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

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about your rights or interests, please contact: 

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
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Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400 
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
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