Mecox Lane Limited: Lawsuit Lacks Merit
SHANGHAI, China, Dec. 6, 2010 (GLOBE NEWSWIRE) -- Mecox Lane Limited ("Mecox Lane" or the "Company") (Nasdaq:MCOX) has been made aware that in December 2010, at least one purported class action complaint was filed by individual shareholders in the United States alleging violations by the Company and certain of its officers and directors of the U.S. Securities Act of 1933 in connection with the Company's initial public offering in October 2010. Neither the Company nor any of its officers or directors has yet been served with a copy of any complaint.
The Company believes the complaint it has been made aware of lacks any merit and the Company and its directors and officers intend to defend themselves vigorously. The Company does not believe that any such lawsuit will have any material impact on its normal daily operations.
About Mecox Lane LimitedMecox Lane Limited (Nasdaq:MCOX) operates China's leading online platform for apparel and accessories as measured by revenues in 2009. The Company offers a wide selection of fashion products through its www.m18.com e-commerce website and physical store network. Product offerings include apparel and accessories, home products, beauty and healthcare products and other products, under the Company's own proprietary brands, such as Euromoda and Rampage, as well as under selected third-party brands, including established international and Chinese brands in addition to independent and emerging brands. For more information on Mecox Lane, please visit http://ir.m18.com . The Mecox Lane Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8200 Safe Harbor : Forward Looking Statements This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "may", "will," "expects," "anticipates," "future," "intends," "plans," "believes," "aims", "estimates," "confident", "likely to" and similar statements. Among other things, the Financial Outlook section and quotations from management in this press release, as well as Mecox Lane's strategic and operational plans, contain forward-looking statements. Mecox Lane may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Mecox Lane's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's business strategies and initiatives as well as its business plans; the Company's future business development, results of operations and financial condition; expected changes in the Company's revenues and certain cost or expense items; the Company's expectations with respect to increased revenue growth and its ability to sustain profitability; the Company's products under development or planning; the Company's ability to attract clients and further enhance its brand recognition; trends and competition in the e-commerce and apparel and accessories industry; the e-commerce and apparel and accessories industry in China may not grow at the rates projected by market data, or at all; the failure of the markets to grow at the projected rates may have a material adverse effect on the Company's business and the market price of its ADSs; in addition, the rapidly changing nature of the e-commerce and apparel and accessories industry in China subjects any projections or estimates relating to the growth prospects or future condition of the Company's market to significant uncertainties. If any one or more of the assumptions underlying the market data turns out to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks is included in Mecox Lane's registration statement on Form F-1 filed with the Securities and Exchange Commission and its subsequent filings with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Mecox Lane undertakes no duty to update such information, except as required under applicable law.
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