NEW YORK, Aug. 25, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights law firm, announces that a class action lawsuit has been filed on behalf of all purchasers of El Pollo Loco Holdings, Inc. (NASDAQ:LOCO) securities from May 15, 2015 through August 13, 2015. The lawsuit seeks to recover damages for El Pollo Loco investors under the federal securities laws.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose adverse information about El Pollo Loco's business and prospects, including that traffic at El Pollo Loco stores had declined substantially due to the removal of value items from the restaurants' menu boards, and that consequently, comparable store sales were not increasing at 3%, much less the 3% to 5% the defendants had led investors to believe they would grow in the second quarter of 2015.
On August 13, 2015, El Pollo issued a release revealing its second quarter 2015 results, disclosing that system-wide comparable restaurant sales had grown only 1.3% and reporting sales of just $89.5 million. Shares fell from a close of $18.36 per share on August 13, 2015, to a close of just $14.56 the following day.
The lawsuit seeks to recover losses for investors as a result of the allegedly false and misleading statements.
If you wish to serve as lead plaintiff, you must move the Court no later than October 23, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to the firm's website at http://www.rosenlegal.com/cases-706.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.