NEW YORK, NY / ACCESSWIRE / September 30, 2022 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announces that it is investigating Vintage Wine Estates, Inc. f/k/a Bespoke Capital Acquisition Corp ("Vintage Wine" or "the Company") (NASDAQ:VWE, VWEWW, BSPE) for violations of the federal securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent 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 reporting." 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 had fueled a larger loss in the fourth quarter of 2022. Based on this news, shares of Vintage Wine plunged by more than 40% in intraday trading on September 14, 2022.
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Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
David J. Schwartz
SOURCE: Labaton Sucharow LLP