Class Action and Lawsuit Claims

Phillip Kim: To join the Vipshop class action, go to the firm website at 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, according to Market Watch. 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 business and operations. The lawsuit seeks to recover damages for Vipshop investors under the federal securities laws. Specifically, the lawsuit claims that defendants misstated and/or failed to disclose that: Vipshop manipulated and overstated its sales, receivables, profit, cash flows, and asset accounts; Vipshop 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; Vipshop internal controls over financial reporting were ineffective; and as a result, Vipshop public statements were materially false and misleading at all relevant times. A class action lawsuit has already been filed. When the true details entered the market, the lawsuit claims that investors suffered damages. (news.financializer.com). As reported in the news.