Mecox Lane Limited Summary: According to the complaint filed December 03, 2010, the Complaint alleges that contrary to the Company's registration statement filed with the SEC, the Company's gross margins had been adversely impacted by increased costs and expenses which made it impossible for Mecox Lane to achieve the results defendants projected at the time of the IPO. The Complaint alleges that when the truth was revealed on November 29, 2010, the value of the Company's shares dropped damaging investors.
According to the Company's FORM 20-F for the fiscal year ended December 31, 2010, on March 31, 2011, the actions were consolidated by order of Judge Robert Sweet. The Court appointed the Westend Group as lead plaintiff, and Kahn Swick & Foti, LLC and Pomerantz Haudek Grossman & Gross LLP as co-lead counsel. Pursuant to a scheduling order, the lead plaintiff may file an amended, consolidated complaint within sixty days of that order. Our response will be due sixty days after the filing of that amended complaint.
On June 2, 2011, the lead plaintiffs filed a Consolidated Amended Class Action Complaint. The defendants responded by filing a motion to dismiss on August 1, 2011.
On March 5, 2012, the Court issued an Opinion granting the defendants' motion to dismiss, with leave for plaintiffs to replead. On December 26, 2012, the United States Court of Appeals for the Second Circuit issued a Summary Order affirming the judgment of the District Court.
SIC Code: 2300
Industry: Retail (Catalog & Mail Order)
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