Stull, Stull & Brody Announces Class Action Suit on Behalf of Purchasers of American Depositary Shares of Vipshop Holdings Limited (NYSE: VIPS) During the Period February 17, 2015 through May 28, 2015
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 [email protected].
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.
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SOURCE Stull, Stull & Brody
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