NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Vince Holding Corp. (NYSE:VNCE) resulting from allegations that Vince may have issued materially misleading business information to the investing public.
On December 8, 2016, Vince disclosed that “[t]he Company is currently in the process of transitioning the remainder of the Kellwood systems and services, including…its own enterprise resource planning (“ERP”) and supporting systems and related IT support services.” On April 14, 2017, Vince disclosed that the filing of its Form 10-K for fiscal year 2016 with the SEC will be delayed due to “the transition from Kellwood, the Company’s former parent company, and the integration of the Company’s new ERP System with its internal business processes and third-party systems.” On this news, shares of Vince fell $0.25 per share or over 19% to close at $1.05 per share on April 17, 2017.
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.” On that same day, Vince 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, Vince 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.” On this news, shares of Vince fell $0.35 per share or over 25% to close at $1.00 per share on April 28, 2017.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Vince investors. If you purchased shares of Vince on or before April 28, 2017, please visit the firm’s website at http://www.rosenlegal.com/cases-1114.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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