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LOS ANGELES, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Goldman Sachs Group Inc. ("Goldman Sachs") and Morgan Stanley ("Morgan Stanley"), alleging violations of §§20A, 10(b), and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. §§78t-1, 78j(b), and 78t(a), and Securities and Exchange Commission (SEC) Rule 10b-5 promulgated thereunder, 17 C.F.R. §240.10b-5.
If you purchased Vipshop Holdings Ltd. ("Vipshop" or the "Company") (NYSE: VIPS) American Depository Shares (ADS) between March 22, 2021 and March 29, 2021, inclusive (the "Class Period"), and have suffered significant losses, realized or unrealized, you are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
According to the complaint filed in this lawsuit, Archegos Capital Management ("Archegos"), a family office with $10 billion under management, used Goldman Sachs and Morgan Stanley as prime brokers helping Archegos make trades and lending it capital in the form of margin lending.
The lawsuit further alleges that Goldman Sachs and Morgan Stanley sold a large amount of Vipshop shares during the Class Period while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar