Corporate Announcement
Security Code : 532156    Company : VAIBHAVGBL    
 
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  Exchange Disseminated Time     20/08/2015 18:49:18
Vaibhav Global Ltd has informed BSE that two individuals filed a class action lawsuit against Liquidation Channel (a VGL subsidiary) in the United States District Court for the Central District of California, Los Angeles Division. The individuals seek class certification on behalf of other consumers in United States as well who were allegedly deceived by Liquidation Channel’s allegedly false and misleading “Estimated Retail Values” (“ERVs”) and discounts based on the ERVs. Liquidation Channel has robust processes to come to the ERVs and management believes the lawsuit is meritless. Liquidation Channel will be defending against the lawsuit vigorously. As part of its defense strategy, Liquidation Channel filed a motion to dismiss the lawsuit in July 2015.
 

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