Glancy Prongay & Murray LLP Announces That A Class Action Has Been Filed On Behalf Of Vipshop Holdings Ltd. Investors
June 19 2015 - 5:58PM
Business Wire
Glancy Prongay & Murray LLP announces that a class action
complaint has been filed on behalf of a class comprising purchasers
of the securities of Vipshop Holdings Ltd. (“Vipshop” or the
“Company”) (NYSE: VIPS) between February 17, 2015 and May 11, 2015,
inclusive (the “Class Period”). This class action seeks to recover
damages against defendants for alleged violations of the federal
securities laws under the Securities Exchange Act of 1934.
Investors have until July 20, 2015 to file a motion for appointment
as a lead plaintiff in the class action.
Vipshop, through its subsidiaries, operates as an online
discount retailer for various brands in the People's Republic of
China. The complaint, filed against the Company and its executives,
alleges that defendants made false and/or misleading statements
and/or allegedly failed to disclose that: (a) Vipshop manipulated
and overstated sales, receivables, profit, cash flows, and asset
accounts including inventory and investments; (b) that Vipshop’s
financial statements contained GAAP violations by reporting revenue
on a 'gross' basis, despite the fact that the vast majority of the
company's sales are under a consignment arrangement; (c) that
Vipshop’s internal controls over financial reporting were
ineffective; and, (d) that as a result of the foregoing, Vipshop's
public statements were materially false and misleading at all
relevant times. Upon disclosure of the Company’s fraudulent
behavior, shares of Vipshop declined in value, thereby damaging
investors.
If you purchased Vipshop shares, if you have information or
would like to learn more about these claims, or have any questions
concerning this announcement, please contact Lesley Portnoy, of
Glancy Prongay & Murray LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
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/20150619005873/en/
Glancy Prongay & Murray, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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