On or around 10/12/2021 (Date of last review)
Filing Date: October 12, 2021
According to the Complaint, Goldman Sachs Group Inc. and Morgan Stanley are global financial services institutions that served as prime brokers for Archegos Capital Management, a family office with $10 billion under management, helping Archegos make trades and lending it capital in the form of margin lending.
The Complaint alleges that Goldman Sachs and Morgan Stanley sold a large amount of Vipshop Holdings Ltd. ("Vipshop" or the "Company") 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. The Complaint further alleges 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.
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