LOS ANGELES–(BUSINESS WIRE)–Schall law firma national firm specializing in shareholder rights litigation, announces that it is investigating claims on behalf of investors of Vintage Wine Estates, Inc. (“Vintage Wine” or “the Company”) (NASDAQ: VWE) for violating securities laws.
The investigation aims to determine whether the Company has made false and/or misleading statements and/or has failed to disclose relevant information to investors. Vintage Wine issued a press release on September 13, 2022, revealing that it had taken $19.1 million in non-cash inventory adjustments that it had “identified through efforts to improve and strengthen inventory management , processes and reports”. The company added that the adjustments included “physical inventory 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 fueled a larger loss in the fourth quarter of 2022. Based on this news, shares of Vintage Wine plunged more than 40% in intraday trading on September 14, 2022.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to do nothing, you can remain an absent member of the group.
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