CLASS ACTION UPDATE: Law Office of Brodsky & Smith Reminds Investors of Deadline in Class Action Against Vintage Wine Estates, Inc. (VWE, VWEWW)
Nov 25th, 2022 9:00 EST
Bala Cynwyd, Pennsylvania--(Newsfile Corp. - November 25, 2022) - Law office of Brodsky & Smith reminds investors of the deadline to file regarding claims against Vintage Wine Estates, Inc. ("Vintage Wine Estates" or the "Company") (NASDAQ: VWE) (NASDAQ: VWEWW) for possible breaches of Federal Securities law. Vintage Wine Estates is a vintner company that sells wines and spirits.
If you purchased or otherwise acquired shares of Vintage Wine Estates between October 13, 2021 and September 13, 2022 (the "Class Period"), and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is January 13, 2023. You may contact Marc Ackerman, Esquire or Jason Brodsky, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/vintage-wine-estates-inc-nasdaq-vwe-vweww/, or call toll free 877-534-2590. There is no cost or obligation to you.
On September 13, 2022, Vintage disclosed that certain of the Company's previously issued financial statements should no longer be relied upon and should be restated due to the identification of an accounting error related to the treatment of interest rate swap agreements.
On this news, Vintage's stock price fell $2.23 per share, or 40.33%, to close at $3.30 per share on September 14, 2022.
According to the filed complaint, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) due to a material weakness related to its inventory controls and procedures, the Company lacked a reasonable basis to report inventory metrics; (2) the Company understated its overhead burden in certain quarters, thereby overstating its adjusted EBITDA; (3) as a result of the foregoing, Vintage Wine Estates was reasonably likely to incur significant charges to restate prior reporting; and (4) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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