NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Vince Holding Corp. (NYSE:VNCE) securities between December 8, 2016 and April 27, 2017 (the “Class Period”). Investors have until July 5, 2017, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On December 8, 2016, Vince disclosed that the Company was transitioning from its Kellwood systems and services. On April 14, 2017, Vince filed a Form NT 10-K with the U.S. Securities & Exchange Commission, stating that the Company would postpone the filing of its 2016 annual report. This delay is due to “the transition from Kellwood, the Company’s former parent company, and the integration of the Company’s new ERP System with its internal business processes and third-party systems.” Following this news, Vince shares fell $0.25 per share, or over 19.2%, to close at $1.05 on April 17, 2017.
On April 28, 2017, Vince disclosed that “[r]esults for the fourth quarter came in below our expectations, due primarily to challenges related to our systems conversion.” On the same day, the Company’s CEO Brendan Hoffman stated during an earnings call that “a lot of the constraint was due to our systems in last three-months not getting a little bit more product out there.” Additionally, CFO David Stefko stated that “our fourth quarter topline sales results did not meet our expectations, primarily due to the challenges we encountered as a result of our complex systems conversion.” Following this news, Vince shares fell $0.35, or over 25.9%, to close at $1.00 on April 28, 2017.
If you purchased or otherwise acquired Vince securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Vince lawsuit, please go to www.bespc.com/vnce. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.