NEW YORK, June 24, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, reminds purchasers of Vipshop Holdings Limited (NYSE:VIPS) securities from February 17, 2015 through May 11, 2015 (the "Class Period") of the important July 20, 2015 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Vipshop investors under the federal securities laws.
To join the Vipshop class action, go to the firm's website at http://www.rosenlegal.com/cases-615.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit claims that defendants during the Class Period misrepresented Vipshop's business and operations. Specifically, the lawsuit claims that defendants misstated and/or failed to disclose that: (1) Vipshop manipulated and overstated its sales, receivables, profit, cash flows, and asset accounts; (2) Vipshop's financial statements contain GAAP violations by reporting revenue on a gross basis even though the vast majority of its sales are under a consignment arrangement; (3) Vipshop's internal controls over financial reporting were ineffective; and (4) as a result, Vipshop's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 20, 2015. If you wish to join the litigation, go to the firm's website at http://www.rosenlegal.com/cases-615.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.