The Law Offices of Frank R. Cruz Continues Investigation of Vintage Wine Estates, Inc. (VWE) on Behalf of Investors
The Law Offices of Frank R. Cruz continues its investigation of Vintage Wine Estates, Inc. ("Vintage Wine" or the "Company") (NASDAQ: VWE) on behalf of investors concerning the Company's possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
On September 13, 2022, after the market closed, Vintage Wine issued a press release announcing disappointing fourth quarterand 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 it's 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, Vintage Wine's stock fell $2.23, or 40.3%, to close at $4.40 per share on September 14, 2022, thereby injuring investors.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Vintage Wine securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.