INVESTOR ALERT: Investigation of Vipshop Holdings Limited Announced by The Law Offices of Howard G. Smith
May 22 2015 - 10:30AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims on behalf of investors of Vipshop
Holdings Limited (“Vipshop” or the “Company”) (NYSE: VIPS)
concerning whether the Company has manipulated key accounting
metrics, including sales, receivables, profits and asset accounts.
Investors that have purchased shares of Vipshop, have information
or would like to learn more about these claims, or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
The investigation concerns the Company’s and its executives
alleged violation of the securities laws, and the subsequent damage
to investors after the sharp decline in the Company’s share
price.
On May 12, 2015, Mithra Forensic Research published a report on
the Company entitled, “We Are Not Buying The Financial Statements.”
The report asserted that forensic models suggest Vipshop
manipulated sales, receivables, profit and other asset accounts;
and Vipshop’s financial statements have been contradicted by
management's own disclosures.
As a result of this news, shares of Vipshop fell $1.54 per
share, or over 5%, to close at $25.78 per share May 12, 2015.
Then, on May 14, 2015, TheStreet.com revealed another analyst
report by J Capital that reiterated allegations that the Company
has falsified key accounting metrics. The J Capital report based
its findings on “discrepancies in the company's accounting” and
stated that Vipshop’s “financial filings in China are vastly
different than the filings with the Securities and Exchange
Commission, leading to concerns that the company's results are not
accurate.”
As a result of this news, shares of Vipshop fell $1.45 per
share, or over 5.4%, to close at $25.21 per share May 14, 2015.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150522005147/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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