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NEW YORK–(BUSINESS DATE)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed against Vintage Wine Estates, Inc. (“Vintage Wine” or the “Company”) (NASDAQ: VWE) in the United States District Court of Nevada on behalf of all persons and entities that purchased or otherwise acquired securities of Vintage Wine between October 13, 2021 and 13 of September 2022, both dates inclusive (the “Class Period”). Investors have until January 13, 2022 to apply to the Court to be appointed as the main plaintiff in the lawsuit.
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This is a class action on behalf of persons and entities who purchased or otherwise acquired securities of Vintage Wine between October 13, 2021 and September 13, 2022, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
Vintage Wine is a grape company that sells wines and spirits.
On September 13, 2022, Vintage Wine 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 that was related to the first and second quarters 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.
During the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors: (1) that, due to a material weakness related to its inventory controls and procedures, the Company lacked a reasonable basis for reporting inventory metrics; (2) that the Company underestimated its overhead 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 repeat prior reporting; and (4) that, as a result of the foregoing, the Defendant’s positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired shares of Vintage Wine and suffered a loss, are a long-time shareholder, have information, would like to learn more about these claims or have questions about this announcement or your rights or interests in relation to these matters. , please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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.
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