Jayud, Auditors Failed to Disclose Stock Manipulation, Suit Says

Chinese supply-chain company Jayud Global Logistics structured its US initial public offering to facilitate a pump-and-dump scheme without alerting the market, and its accountants improperly issued clean audits, an investor alleges.

“Impersonators touted Jayud in online forums, chat groups, and social media posts with sensational but baseless claims to create a buying frenzy among retail investors,” Braden Lindstrom says in a proposed class action. He filed the suit Wednesday in the US District Court for the Southern District of New York.

“In the weeks leading up to April 2025, Jayud’s share price surged from roughly $1.00 to an all-time high ...