NEW YORK, Nov. 17, 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). A class action complaint has been filed on behalf of investors that purchased or otherwise acquired Vintage Wine Estates securities between October 13, 2021 and September 13, 2022.
If you purchased or otherwise acquired Vintage Wine Estates securities and would like to discuss this case and 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.
If you are a member of the proposed Class, you may move the court no later than January 13, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On September 13, 2022, after the market closed, Vintage Wine Estates 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.”
Following this news, the Company’s share price fell $2.23, or over 40%, to close at $3.30 per share on September 14, 2022.
The Complaint alleges, among other things, that the Company failed to disclose: (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, the Company was reasonably likely to incur significant charges to restate prior reporting; and (4) that, as a result, the Company’s positive statements about its business, operations and prospects were materially misleading and/or lacked a reasonable basis.
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If you have any questions about this Notice, 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
