NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Vintage Wine Estates, Inc. (“VWE” or the “Company”) (NASDAQ: VWE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether VWE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 9, 2023, VWE reported preliminary results for the Company’s second fiscal quarter. Among other items, VWE reported expected revenue of only $81 million, significantly below consensus estimates of $86.47 million. VWE also announced that previously issued financial statements for the quarter ended September 30, 2022 would need to be restated due to “the misclassification and accounting for certain assets and also the timing of recording certain costs.” The restated results are expected to result in a $700,000 increase in net revenue, but a $2.9 million increase in the cost of goods sold. As such, earnings per share for the quarter have been cut to $0 from a prior report of $0.02. Finally, VWE announced that founder and Chief Executive Officer Pat Roney will shift from his current role to the position of Executive Chairman and that the Company had retained a “corporate strategy and acquisition integration advisor” to aid in restructuring its business.”
On this news, VWE’s stock price fell sharply during intraday trading on February 9, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
