TMCnet News

INVESTOR ALERT: Law Offices of Howard G. Smith Continues Investigation of Vintage Wine Estates, Inc. (VWE) on Behalf of Investors
[September 22, 2022]

INVESTOR ALERT: Law Offices of Howard G. Smith Continues Investigation of Vintage Wine Estates, Inc. (VWE) on Behalf of Investors


Law Offices of Howard G. Smith continues its investigation on behalf of Vintage Wine Estates, Inc. ("Vintage Wine" or the "Company") (NASDAQ: VWE) investors concerning the Company's possible violations of federal securities laws.

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 te 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, Vintage Wine's stock fell $2.23, or 40.3%, to close at $4.40 per share on September 14, 2022, thereby injuring investors.

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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.


This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


[ Back To TMCnet.com's Homepage ]