STEVENSON, Md., Aug. 28, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of LightInTheBox Holding Co., Ltd. ("LightInTheBox" or the "Company") (NYSE:LITB) American Depository Shares ("ADSs") during the period between the initial public offering ("IPO") on June 6, 2013 and August 19, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in LightInTheBox Holding Co., Ltd. ADSs purchased during or after the Company's IPO on June 6, 2013, and held through the revelation of negative information on August 19, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 28, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's sales growth had decreased dramatically and costs had grown during the quarter ended June 30, 2013. According to the complaint, following the Company's August 19, 2013 disclosure that its second quarter 2013 financial results were below expectations and that demand for the Company's wedding and prom dresses was much weaker during the second quarter of 2013 than previously stated, the value of LightInTheBox ADSs declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation