Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of all purchasers of the securities of Fairway
Group Holdings Corp. (“Fairway” or the “Company”) (NASDAQ:FWM) between
April 16, 2013 and February 6, 2014, inclusive (the “Class Period”).
Fairway, together with its subsidiaries, operates retail food stores in
New York, New Jersey and Connecticut offering fresh produce, natural and
organic products, meat and seafood, bakery products and kosher foods.
The Complaint alleges that during the Class Period the Company and
certain of its executive officers misrepresented or failed to disclose
that Fairway’s same store sales were declining, its direct store
expenses were increasing, and the Company's financial forecasts were
unrealistic and not obtainable. On February 6, 2014, the Company
reported earnings for its fiscal 2014 third quarter that were
significantly below management’s prior forecasts, including decreased
same store sales and higher expenses, causing a nearly 30% drop in the
price of the Company’s shares, or $3.31 per share, on February 7, 2014.
If you purchased Fairway securities during the Class Period, you have
until April 15, 2014, to move the Court to serve as lead plaintiff;
however, you must meet certain legal requirements. To be a member of the
Class you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, 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 howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2014