STEVENSON, Md., Jan. 25, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Yum! Brands, Inc. ("Yum! Brands" or the "Company") (NYSE:YUM) common stock during the period between October 9, 2012 and January 7, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Yum! Brands, Inc. common stock purchased on or after October 9, 2012, and held through January 7, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 25, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that slowing economic trends in China were stronger than reported and could not support the forecasted sales results for the Company's China Division or its Company-wide increased earnings-per-share growth, and that Yum! Brands had continued to buy chickens from the Shandong Liuhe Group until as late as August 2012, even though the Company's own food safety inspections had discovered that chickens from the Shandong Liuhe Group contained high levels of antibiotics and other illegal chemicals. According to the complaint, following Yum! Brands' November 29, 2012 disclosure that the Company's China Division same-store sales growth forecasts would not be met, December 20 and December 21, 2012 news reports that stated the Company knew, but concealed, that it was purchasing chickens containing excessive antibiotics and other illegal chemicals, and Yum! Brands' January 7, 2013 disclosure that it was lowering its full year 2012 guidance for same-stores sales for its China Division as a result of publicity surrounding the Chinese government's review of the Company's poultry supply, the value of Yum! Brands shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.