NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Vintage Wine Estates, Inc. (NASDAQ: VWE, VWEWW)
If you are an investor of Vintage Wine Estates and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1-800-290-1952.
On September 13, 2022 after the market closed, Vintage Wine Estates disclosed in a press release that “[d]uring the preparation of its fiscal year 2022 results, the Company uncovered an error in the treatment of its interest rate swap agreements that led to a restatement of its three-months and nine-months ended March 31, 2022 results.” In addition, the Company stated that “[g]ross profit was down $11.1 million to $38 thousand reflecting adjustments identified through processes implemented to improve internal controls.” Specifically, the Company disclosed that it “recorded $19.1 million in non-cash inventory adjustments identified through efforts [to] improve and strengthen inventory management, processes, and reporting. This included physical inventory count adjustments of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3 million related to the impact of additional remediation efforts.”
Following this news, on September 14, 2022, shares of Vintage Wine Estates plummeted by $2.23 per share, more than 40%, to close at $3.30 per share.
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If you have any questions about this investigation, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
