April 19, 2017 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating Vince Holding Corp. ("Vince” or the "Company") (NYSE: VNCE) for potential violations of the federal securities laws. Investors who purchased Vince common stock may be affected.
On December 8, 2016, the Company filed its quarterly report on Form 10-Q with the Securities and Exchange Commission (“SEC”). In the SEC filing, the Company stated that it was completing the transition of its tax, accounts payable, credit and collections, as well as its enterprise resource planning (ERP) and IT support systems. Additionally, Vince stated that “[u]ntil those systems are implemented, the Company will continue to utilize the Kellwood information technology infrastructure. . .” that it had been using since its initial public offering in November 2013.
On April 14, 2014, Vince disclosed that it was delaying the filing of its Annual Report on Form 10-K with the SEC due to unanticipated delays in compiling financial reports and other data necessary for completing the financial statements. Specifically, the Company’s April 14 press release states “[t]hese delays are related 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, as well as additional procedures and processes that the Company is undertaking to ensure that its financial statements are fairly and accurately presented.” The Company also disclosed that it has not concluded its assessment of the effectiveness of internal controls over financial reporting and believes that the transition and implementation of the systems “will result in one or more material weaknesses in internal controls.”
On April 17, 2017, the first trading day following the news, the price of Vince’s common stock (NYSE: DVA) declined by 19.2% to close at $1.05 per share on heavy trading volume.
If you purchased Vince common stock and would like to discuss our investigation, please contact us by e-mailing
, or by calling 800-290-1952.
Attorneys: Pamela A. Mayer