NEW YORK, July 2, 2015 /PRNewswire/ -- Stull, Stull &
Brody commenced a class action lawsuit against Vipshop Holdings
Limited ("Vipshop") and Eric Ya
Sheng (Vipshop's Chairman and Chief Executive Officer) and
Donghao Yang (Vipshop's Chief
Financial Officer) in the United
States Court for the Southern District of New York on behalf of purchasers of American
Depositary Shares ("ADSs") of Vipshop (NYSE: VIPS) during the
period February 17, 2015 through
May 28, 2015, inclusive (the "Class
Period"), seeking to pursue remedies pursuant to the Securities
Exchange Act of 1934 ("Exchange Act").
If you purchased or acquired Vipshop ADSs during the Class
Period and wish to serve as a lead plaintiff you may move the Court
no later than July 20, 2015; however
you must meet certain legal requirements. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff's counsel, Jason
D'Agnenica, Esq. at Stull, Stull & Brody, at 1-800-337-4983, or
by email to vipshop@ssbny.com.
The complaint alleges that defendants issued materially false
and misleading statements about Vipshop's financial results and
condition in violation of the federal securities laws and that
investors who purchased Vipshop's ADSs during the Class Period
suffered damages when the truth about the Company's financial
condition was revealed to the market at certain times during the
Class Period and the price of the Company's ADSs declined.
On May 12, 2015 Mithra Forensic
Research published a report asserting that forensic models suggest
that Vipshop manipulated sales, receivables, profit and other asset
accounts, and that Vipshop's financial statements have been
contradicted by statements by Vipshop's management. As a
result of this news, VIPS' trading price declined more than 5%, to
close at $25.78.
On May 29, 2015, Mithra Forensic
Research published another report, asserting, among other things,
that "we have found additional information which suggests that VIPS
continues to misrepresent [affiliate] Lefeng's revenues," and that
"[s]ignificant and growing losses at Lefeng and Ovation are likely
driven by VIPS pushing Operating Expenses onto them." As a
result of this news VIPS' trading price declined more than 1.6%, to
close at $24.97.
Any member of the proposed class may move the Court to be
appointed lead plaintiff by no later than July 20, 2015. In order to be appointed
lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members and that the
class member will adequately represent the class. Under
certain circumstances one or more class members may together serves
as "lead plaintiff." Your ability to share in any recovery is
not, however, affected by the decision whether to serve as lead
plaintiff. You may retain Stull, Stull & Brody or other
counsel of your choice to serve as your counsel in this
action.
Stull, Stull & Brody has litigated many class actions for
violations of securities laws and breaches of fiduciary duty on
behalf of defrauded investors over the past 40 years and has
obtained court approval of substantial settlements on numerous
occasions. Stull, Stull & Brody has offices in
New York and Beverly Hills.
The Stull, Stull & Brody website (www.ssbny.com) has additional
information about the firm.
Attorney advertising. Prior results do not guarantee a
similar outcome. This press release may be considered
Attorney Advertising in some jurisdictions under applicable laws
and ethical rules.
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SOURCE Stull, Stull & Brody