INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Vipshop Holdings Limited to Contact the Firm
NEW YORK, NY--(Marketwired - June 09, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vipshop Holdings Limited ("Vipshop" or the "Company") (VIPS) of the July 20, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit against Vipshop and certain officers. A complaint has been filed against the Company in United States District Court for the Southern District of New York.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that (1) Vipshop manipulated and overstated its sales, receivables, profit, cash flows, and asset accounts; and (2) Vipshop's financial statements contain GAAP violations by reporting revenue on a gross basis even though the majority of Company sales are conducted under a consignment arrangement.
The violations were revealed in a Mithra Forensic Research report on May 12, 2015. As a result of this news, shares of Vipshop fell $1.54 per share, or over 5%, to close at $25.78 per share May 12, 2015.
Request more information now by clicking here: www.faruqilaw.com/VIPS. There is no cost or obligation to you.
Take Action
If you invested in Vipshop stock or options between February 17, 2015 and May 11, 2015. and would like to discuss your legal rights, visit www.faruqilaw.com/VIPS. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Vipshop's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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