Golden Heaven Group Holdings Ltd.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Golden Heaven Group Holdings Ltd. (“Golden Heaven” or the “Company”) (NASDAQ: GDHG) securities during the period from April 13, 2023 through December 8, 2023, inclusive. Investors have until February 20, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 13, 2023, during market hours, Hindenburg Research posted on X.com (formerly known as Twitter), a series of posts under the heading “NEW FROM US: We Are Short Golden Heaven Group, Another Classic ‘China Hustle.’” Among other items, Hindenburg Research noted that Golden Heaven purportedly operates six properties in Southern China, including amusement parks, water parks and recreational facilities, and the share price has suspiciously gone up since the Company’s April 2023 initial public offering. However, Hindenburg Research speculated that a number of Golden Heaven’s amusement park locations are closed or in poor condition, which the Company either failed to announce or disclosed in an untimely manner. On this news, the price of Golden Heaven shares declined by $6.63 per share, or approximately 27.92%, from $23.75 per share to close at $17.12 on November 13, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Golden Heaven’s amusement parks are in generally poor condition; (ii) Golden Heaven materially overstated the number of visitors to its amusement parks and overall growth prospects, and (iii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 13, 2023, during market hours, Hindenburg Research posted on X.com (formerly known as Twitter), a series of posts under the heading “NEW FROM US: We Are Short Golden Heaven Group, Another Classic ‘China Hustle.’” Among other items, Hindenburg Research noted that Golden Heaven purportedly operates six properties in Southern China, including amusement parks, water parks and recreational facilities, and the share price has suspiciously gone up since the Company’s April 2023 initial public offering. However, Hindenburg Research speculated that a number of Golden Heaven’s amusement park locations are closed or in poor condition, which the Company either failed to announce or disclosed in an untimely manner. On this news, the price of Golden Heaven shares declined by $6.63 per share, or approximately 27.92%, from $23.75 per share to close at $17.12 on November 13, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Golden Heaven’s amusement parks are in generally poor condition; (ii) Golden Heaven materially overstated the number of visitors to its amusement parks and overall growth prospects, and (iii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.