Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Vintage Wine Estates To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 24, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Vintage Wine Estates, Inc. ("Vintage Wine Estates" or the "Company") (NASDAQ: VWE) and reminds investors of the January 13, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Vintage Wine Estates stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: http://www.faruqilaw.com/VWE.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, due to a material weakness related to its inventory controls and procedures, the Company lacked a reasonable basis to report inventory metrics; (2) that the Company understated its overhead burden in certain quarters, thereby overstating its adjusted EBITDA; (3) that, as a result of the foregoing, Vintage Wine was reasonably likely to incur significant charges to restate prior reporting; and (4) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
On September 13, 2022, Vintage Wine announced its financial results for fiscal year 2022. In its press release, the Company stated that it "recorded $19.1 million in non-cash inventory adjustments identified through efforts t[o] improve and strengthen inventory management, processes and reporting." The Company also stated that "the [fourth] quarter included approximately $6.8 million in overhead burden that was related to the first and second quarter of fiscal 2022, but not material to the respective periods."
On this news, the Company's share price fell $2.23, or 40.3%, to close at $3.30 per share on September 14, 2022, on unusually high trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Vintage Wine Estates' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145541