Street Watchdog Research Sees 'Accounting Irregularities' at Vipshop (VIPS)
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Street Watchdog Research is out negative again on Vipshop Holdings (NYSE: VIPS), saying they've uncovered $150 million in 'accounting irregularities'
The group said:
"When we total the amounts given for the four individual quarters of FY 2015, we arrive at 2015 annual sales of USD $6,354,218,000, a number that is almost $148 million different from the 2015 sales figures reported to the SEC in April. Clearly, either the quarterly figures are incorrect, or the annual figures are incorrect, or both sets are incorrect. Unfortunately, we don’t know which set(s) of figures are incorrect, but what we have extrapolated from this data is that the quarterly figures have been “enhanced” to make the numbers not as bad as they in fact are. Similarly, the profit reported to the SEC at the end of the year is less than the profit reported for each of the four quarters of 2015. When the total 2016 figures are reported to the SEC next February, we’ll be able to make a similar analysis for 2016."
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