SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Vince Holding Corp. (NYSE: VNCE) in the U.S. District Court for the Eastern District of New York. The complaint is brought on behalf of all purchasers of Vince securities between December 8, 2016 and April 27, 2017, for alleged violations of the Securities Exchange Act of 1934 by Vince's officers and directors. Vince is a United States-based company, which offers a range of women's and men's apparel and accessories.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/vince-holding-corp
Vince Accused of Concealing Problems with System Integration During Transition
According to the complaint, since Vince's initial public offering on November 27, 2013, the company initiated a transition of its enterprise resource planning ("ERP") and supporting systems and related IT support services. Vince officials represented in an earnings call with investors that the company was "pleased with the progress we're making as we continue through a transitional phase at Vince." The complaint alleges that Vince officials failed to disclose that during the transition the company experienced problems related to integrating its new ERP system. On April 14, 2017, Vince disclosed that the filing of its Form 10-K for fiscal year 2016 would be delayed due to "significant difficulties in successfully integrating the ERP System with its internal business processes as well as other third-party systems, requiring the Company to expend extra resources and time to address those issues." Then, on April 28, 2017, Vince revealed that fourth quarter results came in below expectations and that the transition led to material weaknesses in its internal controls. On this news, Vince's stock fell over 23% to close at $1.00 per share on Aril 28, 2017.
Vince Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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