A class action lawsuit has been filed on behalf of shareholders of stock in Vipshop Holdings Ltd. (VIPS), regarding alleged violations of federal securities laws.
If you purchased or acquired shares of Vipshop Holdings Ltd. (VIPS) between March, 22, 2021 and March 29, 2021, please contact Scott Silver of Silver Law Group at (800) 975-4345 or at firstname.lastname@example.org. The deadline to apply to be lead plaintiff (class representative) is December 13, 2021.
Vipshop Holdings Limited is a Chinese e-commerce company that operates Vip.com and other segments. The company sells apparel, skin care products, accessories, home furnishings, and more.
Class Action Allegations
According to the class action lawsuit, which was filed in the US District Court for the Southern District of New York, Goldman Sachs Group Inc. and Morgan Stanley (Defendants) traded with non-public material information.
It is alleged that Goldman Sachs and Morgan Stanley obtained the material non-public information from their agreements with, and serving as brokers for, Archegos Capital Management. The lawsuit claims that the defendants knew, or should have known that they owed a fiduciary duty to Archegos, but sold billions of dollars worth of Vipshop Holdings shares while holding adverse non-public information.
In March, 2021, Goldman Sachs and Morgan Stanley sold large amounts of VIPS stock based on inside information they obtained from their relationship with Archegos Capital Management, the complaint alleges.
The news caused Vipshop Holdings (VIPS) shares to fall by more than 37% from March 22, to March, 20, 2021.
Did A Morgan Stanley Broker Recommend Vipshop Holdings Ltd. (VIPS)?
Silver Law Group is a nationally-recognized law firm representing victims of securities and investment fraud. Our attorneys represent investors nationwide and internationally in class action lawsuits against issuers in state and federal court and in arbitration claims in cases of stockbroker misconduct.
Scott Silver, managing partner of Silver Law Group, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice. Contact us for a consultation at no-cost at email@example.com or call (800) 975-4345.