Plaintiff lists out three claims for relief. Plaintiff also alleged that, “Defendants knew, or were reckless in not knowing, that they were prohibited from trading based on this confidential market-moving information, but traded anyway, disposing to Plaintiff and other members of the Class their Vipshop stock before the news about Archegos was announced and Vipshop’s shares plummeted.” According to subsequent media reports, Defendants unloaded large block trades consisting of shares of Archegos’ doomed bets, including billions worth of Vipshop securities, late Thursday, March 25, 2021, before the Archegos story reached the public, sending Vipshop’s stock into a complete Tailspin.” Plaintiff further alleged that, “Defendants sold a large amount of Vipshop shares during the week of March 22, 2021, while in possession of material, non-public information. (“Vipshop” or the “Company”), a leading online discount retailer for brands in China, to Plaintiff and other unsuspecting and unwitting public shareholders, after confidentially learning that Archegos Capital Management (“Archegos”), a family office with $10 billion under management, failed (or was likely to fail) to meet a margin call, requiring it to fully liquidate its position in the Company.” In the complaint, Plaintiff alleged that, “This is a securities class action arising from the unlawful use of material non-public information by Defendants Goldman Sachs and Morgan Stanley, who collectively avoided billions in losses by selling shares of Vipshop Holdings Ltd. District Court in the Southern District of New York.
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(“Goldman Sachs”) and Morgan Stanley (“Morgan Stanley”) (collectively, “Defendants”), seeking declaratory relief, damages along with pre-and-post judgment interest, disgorgement, costs, and fees for the alleged unlawful use of material non-public information by Defendants by selling shares of the Company to avoid losses. , filed a civil action against Goldman Sachs Group Inc. On October 12, 2021, Chew King Tan (“Tan” or “Plaintiff”), individually and on behalf of all others similarly situated, represented by Thomas Livezey Laughlin, IV of Scott+Scott, L.L.P.