|Company:||Vipshop Holdings Limited|
|Class Period:||Feb-17-15 to May-11-15|
|Lead Plaintiff Deadline:||Jul-20-15|
|Court:||Southern District of New York|
The complaint alleges that throughout the Class Period, Vipshop and certain of its officers violated the federal securities laws by disseminating false and misleading statements to the investing public.
Specifically, the Complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Vipshop manipulated and overstated sales, receivables, profit, cash flows, and asset accounts including inventory and investments; (2) Vipshop's financial statements contain 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; (3) Vipshop's internal controls over financial reporting were ineffective; and (4) as a result of the foregoing, Vipshop's public statements were materially false and misleading at all relevant times.
On May 12, 2015, Mithra Forensic Research published a report on Vipshop (the "Mithra Report") asserting, among other things, that: (1) forensic models suggest Vipshop manipulated sales, receivables, profit and other asset accounts; and (2) Vipshop's financial statements have been contradicted by management's own disclosures in several instances.
In reaction to this news, Vipshop's stock price dropped over 5% to close at $25.78 on May 12, 2015.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.