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Kirby McInerney LLP Continues Investigation of Shareholder Claims Against Vintage Wine Estates, Inc. (VWE)
Globe Newswire 16-Sep-2022 5:09 PM
NEW YORK, Sept. 16, 2022 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Vintage Wine Estates, Inc. ("Vintage Wine" or the "Company") (NASDAQ:VWE). The investigation concerns whether Vintage Wine and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Vintage Wine produces alcoholic beverages and offers custom wines for business and special occasions.
On September 13, 2022, after the market closed, Vintage Wine issued a press release announcing disappointing fourth quarter and fiscal year 2022 results. Therein, the Company revealed that it recorded $19.1 million in non-cash inventory adjustments which were "identified through efforts to improve and strengthen inventory management, processes and reporting." 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 further revealed that its fourth quarter 2022 loss from operations was $27.7 million, compared to $10.9 million in the prior year quarter, which was due in part to "the $19.1 million non-cash inventory adjustments." On this news, the price of Vintage Wine shares declined by $2.23 per share, or approximately 40.33%, from $5.53 per share to close at $3.30 on September 14, 2022.
If you purchased or otherwise acquired Vintage Wine securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod ofKirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website: http://www.kmllp.com.
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