NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Vintage Wine Estates, Inc. (VWE), Flowserve Corporation (: FLS), Cantaloupe, Inc. (CTLP, OTCMKTS: CTLPP), and EyePoint Pharmaceuticals, Inc. (EYPT). Our investigations concern whether these companies violated the federal securities laws and/or engaged in other illegal business practices. More information on each case can be found at the link provided.
Vintage Wine Estates, Inc. (VWE)
Vintage Wine issued a press release on September 13, 2022, revealing that it took $19.1 million in non-cash inventory adjustments, which it “identified through efforts to improve and strengthen inventory, processes and reporting.” The Company added that the adjustments included “physical count adjustments of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3.0 million related to the impact of additional remediation efforts.” The Company admitted that these adjustments led to a larger loss in the fourth quarter of 2022.
On this news, Vintage Wine’s stock price fell $2.26 per share, or 40.6%, to close at $3.30 per share on September 14, 2022.
For more information on the Vintage Wine investigation go to: https://bespc.com/cases/VWE
Flowserve Corporation (: FLS)
On September 13, 2022, Flowserve announced disruptions related to implementing new technology to manage operations and one-time expenses, advising investors that the developments will reduce third-quarter EPS by $0.18 to $0.22.
On this news, Flowserve’s stock price fell $2.36 per share, or 7.66%, to close at $28.43 per share on September 14, 2022.
For more information on the Flowserve investigation go to: https://bespc.com/cases/FLS
Cantaloupe, Inc. (CTLP, OTCMKTS: CTLPP)
On September 28, 2022, the company issued a report stating, “Based on progress made to date in the evaluations of the effectiveness of internal controls over financial reporting, the Company currently expects to report three material weaknesses in its internal control framework. This includes the design, implementation and operational effectiveness of information technology general controls in the areas of user access, change management and segregation of duties within various systems that support the Company’s accounting and reporting processes, the design, implementation and operational effectiveness of controls over revenue and related. accounts, and risk assessment and monitoring activities with respect to identifying and evaluating control deficiencies in a timely manner.”
On this news, Cantaloupe stock fell $0.17 per share, or 4.6%, to close at $3.47 per share on September 29, 2022.
For more information on the Cantaloupe investigation go to: https://bespc.com/cases/CTLP
EyePoint Pharmaceuticals, Inc. (EYPT)
On August 30, 2022, after market hours, EyePoint disclosed that it had received a subpoena from the United States Attorney for the District of Massachusetts. The subpoena called for documents covering the Company’s sales practices for its postoperative inflammation treatment, DEXYCU.
On this news, EyePoint stock fell $0.21 per share, or 2%, to close at $10.00 per share on August 31, 2022.
For more information about the EyePoint investigation go to: https://bespc.com/cases/EYPT
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.