INVESTOR ALERT: Glancy Prongay & Murray LLP Investigates Claims on Behalf of Investors of Vipshop Holdings Limited.
June 03 2015 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP 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 who purchased Vipshop prior to May 14, 2015 are
encouraged to contact Lesley Portnoy, at (888) 773-9224 or (310)
201-9150, or at shareholders@glancylaw.com to discuss this matter.
If you inquire by email please include your mailing address,
telephone number and number of shares purchased.
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 alleges 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 on 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 on 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/20150603005542/en/
Glancy Prongay & Murray LLP,1925 Century Park East, Suite
2100Los Angeles, CA 90067Lesley PortnoyorCasey Sadler(310)
201-9150(888) 773-9224shareholders@glancylaw.comwww.glancylaw.com
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