Vintage Wine Estates Investor Alert: Kaplan Fox

Vintage Wine Estates Investor Alert: Kaplan Fox

Facebook
Twitter
LinkedIn

NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors from Vintage Wine Estates, Inc. (NASDAQ: VWE, VWEWW)

If you are an investor in Vintage Wine Estates and would like to discuss our investigation, please contact us via email [email protected] or by calling (646) 315-9003 or our toll-free number 1-800-290-1952.

On September 13, 2022, after the market closed, Vintage Wine Estates announced in a press release that “[d]In preparing its financial year 2022 results, the Company discovered an error in the treatment of its interest rate swap agreements, which has resulted in a restatement of its three-month and nine-month results ended March 31, 2022.” In addition, the Company stated that “[g]Net income decreased $11.1 million to $38,000, reflecting adjustments identified through processes implemented to improve internal controls.” Specifically, the company announced that there were “non-cash inventory adjustments of $19.1 million identified through efforts [to] Improve and strengthen inventory management, processes and reporting. This included adjustments to physical inventory counts of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3 million related to the impact of additional remediation efforts.”

Following this news, on September 14, 2022, Vintage Wine Estates shares fell $2.23 per share, more than 40%, to close at $3.30 per share.

WHY CONTACT KAPLAN FOX? – Kaplan Fox is a leading national law firm focused on complex litigation with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey. With over 50 years of securities disputes experience, Kaplan Fox provides the professional experience and track record that clients demand. Through prosecuting cases at the federal and state levels, Kaplan Fox has successfully shaped the law, making many important decisions on behalf of our…

Continue to read on GlobeNewswire https://www.globenewswire.com/news-release/2022/09/15/2517259/1020/en/Vintage-Wine-Estates-Investor-Alert-Kaplan-Fox-Investigates-Potential-Securities-Fraud-at-Vintage-Wine-Estates.html

More to explorer

Why You Need A Form FL-142

When dealing with divorce, you need vital documentation. One key form you will encounter in California is Form FL-142, the Declaration of