Shareholders of Chinese e-commerce firm Vipshop Holdings Ltd. has filed a class-action lawsuit against Goldman Sachs and Morgan Stanley in New York for trading on inside information. Investors of the New York-listed Vipshop alleged that the two banking companies had sold large amounts of Vipshop shares in late March after confidentially learning troubles from Archegos Capital Management, which held positions in Vipshop. The complaints said the sell-off had saved the two banks billions of dollars in losses. Vipshop shares fell over 37% between March 22 to 29. Archegos is a multi-billion dollar family office of Tiger Management analyst Bill Hwang.
Read More