SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Vipshop Holding...
July 01 2015 - 2:41PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Vipshop Holdings
Limited (“Vipshop” or the “Company”) (NYSE: VIPS) securities during
the period between February 17, 2015 and May 11, 2015, inclusive
(the “Class Period”). Investors who wish to become proactively
involved in the litigation have until July 20, 2015 to seek
appointment as lead plaintiff.
If you have suffered a loss from investment in Vipshop
securities purchased on or after February 17, 2015 and held through
the revelation of negative information during and/or at the end of
the Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Company securities during the Class Period. Brower
Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that Vipshop
manipulated and overstated sales, receivables, profit, cash flows,
and asset accounts including inventory and investments and that
Vipshop’s financial statements contain GAAP violations by virtue of
revenue being reported on a ‘gross’ basis for sales are under a
consignment arrangement. According to the complaint, following a
May 12, 2015 report published by Mithra Forensic Research
asserting, among other things, that forensic models suggest Vipshop
manipulated sales, receivables, profit and other asset accounts and
that Vipshop’s financial statements have been contradicted by
management's own disclosures in several instances, and following
the May 14, 2015 revelation of a J Capital Research report stating
that the Company’s financial filings in China are vastly different
than its filings with the Securities and Exchange Commission, the
value of Vipshop shares declined significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20150701006467/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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