Vintage Wine Estates, Inc. Class Action Lawsuit - VWE
Investors who suffered a loss and would like to learn more, click here to contact us.
The Vintage Wine Estates class action lawsuit seeks to represent purchasers or acquirers of Vintage Wine Estates, Inc. (NASDAQ: VWE; VWEWW) securities between October 13, 2021 and September 13, 2022, inclusive (the “Class Period”). Captioned Ezzes v. Vintage Wine Estates, Inc., No. 22-cv-01915 (D. Nev.), the Vintage Wine Estates class action lawsuit charges Vintage Wine Estates and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Vintage Wine Estates class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Vintage Wine Estates class action lawsuit must be filed with the court no later than January 13, 2023.
CASE ALLEGATIONS: Vintage Wine Estates is a vintner company that sells wines and spirits. The Vintage Wine Estates class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) due to a material weakness related to its inventory controls and procedures, Vintage Wine Estates lacked a reasonable basis to report inventory metrics; (ii) Vintage Wine Estates understated its overhead burden in certain quarters, thereby overstating its adjusted earnings before interest, taxes, depreciation, and amortization; and (iii) as a result, Vintage Wine Estates was reasonably likely to incur significant charges to restate prior reporting.
On September 13, 2022, Vintage Wine Estates revealed that it “recorded $19.1 million in non-cash inventory adjustments identified through efforts t[o] improve and strengthen inventory management, processes and reporting.” Vintage Wine Estates also stated that “the [fourth] quarter included approximately $6.8 million in overhead burden that was related to the first and second quarter of fiscal 2022, but not material to the respective periods.” On this news, Vintage Wine Estates’ share price fell by more than 40%, damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Vintage Wine Estates securities during the Class Period to seek appointment as lead plaintiff in the Vintage Wine Estates class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Vintage Wine Estates class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Vintage Wine Estates class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Vintage Wine Estates class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.