LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP announces that a class action complaint has been filed on behalf of a class comprising purchasers of the securities of Vipshop Holdings Ltd. (“Vipshop” or the “Company”) (NYSE: VIPS) between February 17, 2015 and May 11, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934. Investors have until July 20, 2015 to file a motion for appointment as a lead plaintiff in the class action.
Vipshop, through its subsidiaries, operates as an online discount retailer for various brands in the People's Republic of China. The complaint, filed against the Company and its executives, alleges that defendants made false and/or misleading statements and/or allegedly failed to disclose that: (a) Vipshop manipulated and overstated sales, receivables, profit, cash flows, and asset accounts including inventory and investments; (b) that Vipshop’s financial statements contained GAAP violations by reporting revenue on a 'gross' basis, despite the fact that the vast majority of the company's sales are under a consignment arrangement; (c) that Vipshop’s internal controls over financial reporting were ineffective; and, (d) that as a result of the foregoing, Vipshop's public statements were materially false and misleading at all relevant times. Upon disclosure of the Company’s fraudulent behavior, shares of Vipshop declined in value, thereby damaging investors.
If you purchased Vipshop shares, if you have information or would like to learn more about these claims, or have any questions concerning this announcement, please contact Lesley Portnoy, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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