LOS ANGELES, May 25, 2017 (GLOBE NEWSWIRE) -- Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Vince Holding Corp. (“Vince” or the “Company”) (NYSE:VNCE) for possible violations of federal securities laws between December 8, 2016 and April 27, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the July 5, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Vince made false and/or misleading statements and/or failed to disclose that during the transition from legacy Kellwood systems, the Company experienced issues related to integrating its new enterprise resource planning systems; and thus, Vince’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On April 28, 2017, Vince disclosed that “[r]esults for the fourth quarter came in below our expectations, due primarily to challenges related to our systems conversion.” That same day, the Company’s CEO Brendan Hoffman stated during an earnings call that “a lot of the constraint was due to our systems in last three-months not getting a little bit more product out there.” On that same call, CFO David Stefko stated that “our fourth quarter topline sales results did not meet our expectations, primarily due to the challenges we encountered as a result of our complex systems conversion.” When this news was announced, the Company’s stock price dropped materially, which harmed investors according to the Complaint.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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