Vintage Wine Estates Class Action Lawsuit (VWE Lawsuit)
What Is The Vintage Wine Estates Lawsuit About?
The Vintage Wine Estates Class Action Lawsuit (NASDAQ:VWE) (Vintage Wine Estates Class Action Lawsuit) was filed when after the market closed on September 13, 2022, Vintage Wine issued a press release announcing disappointing fourth quarter and full year fiscal 2022 financial results. Therein, the Company revealed it recorded $19.1 million in non-cash inventory adjustments which were “identified through efforts to improve and strengthen inventory management, processes, and reporting.”
Is There A Vintage Wine Estates Class Action Lawsuit?
On September 13, 2022, Vintage Wine issued a press release announcing disappointing fourth quarter and full year fiscal 2022 financial results.
Therein, the Company revealed it recorded $19.1 million in non-cash inventory adjustments which were “identified through efforts to 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.”
On this news, the Company’s share price fell $2.23, or 40.3%, to close at $3.30 per share on September 14, 2022, on unusually high trading volume.
Is There A Deadline For The Vintage Wine Estates Lawsuit?
How Much Did Shareholders Lose In VWE Stock?
Vintage Wine Estates securities saw price fell $2.23, or 40.3%, to close at $3.30 per share on September 14, 2022, on unusually high trading volume.
What Is The Vintage Wine Estates Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a VWE class action lawsuit (Vintage Wine Estates Class Action Lawsuit) has been filed on behalf of investors who purchased Vintage Wine Estates Class Action Lawsuit (VWE) securities between October 13, 2021 – September 13, 2022, inclusive. For more on the VWE Lawsuit please contact us today.
According to the Vintage Wine Estates lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(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 of the foregoing, Vintage Wine was reasonably likely to incur significant charges to restate prior reporting; and
(4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you suffered a loss in VWE, you have until January 13, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired VWE securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The VWE class-action lawsuit is directed by the lead plaintiff. To litigate the Vintage Wine Estates Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the VWE Class Action Lawsuit.
What Does VWE Do?
Vintage Wine Estates, Inc. produces and sells wines and craft spirits in the United States, Canada, and internationally.
The company offers its products under the Layer Cake, Cameron Hughes, Clos Pegase, B.R. Cohn, Firesteed, Bar Dog, Kunde, Cherry Pie, and others.
It also owns and operates hospitality facilities; and provides bottling, fulfillment, and storage services to other companies on a contract basis.
The company was founded in 2019 and is headquartered in Incline Village, Nevada.