NEW YORK, NY / ACCESSWIRE / November 21, 2022 / Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Vintage Wine Estates, Inc. ("Vintage Wine" or the "Company") for violations of the federal securities laws on behalf of investors.
On November 14, 2022, a complaint was filed against Vintage Wine, and certain of its top executives and directors alleging that throughout the Class Period (October 13, 2021 to September 13, 2022), 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 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.
When the truth was revealed, the price of Vintage Wine's securities dropped precipitously, injuring investors, and wiping millions of dollars of investor wealth.
Any investor who wishes to serve as Lead Plaintiff must act before the court deadline of January 13, 2023.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
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SOURCE: Lowey Dannenberg P.C.