The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that
class action litigation has been brought on behalf of those who
purchased or otherwise acquired the securities of Fairway Group Holdings
Corp. (“Fairway” or the “Company”) (NasdaqGM:FWM) between April 17, 2013
and February 6, 2014, inclusive (the “Class Period”), including
purchasers of Fairway common stock pursuant and/or traceable to the
Company’s Registration Statement and Prospectus (“Registration
Statement”) issued in connection with Fairway’s initial public offering
(“IPO”) on April 17, 2013.
If you purchased or otherwise acquired Fairway securities during the
Class Period and/or pursuant or traceable to the Registration Statement,
you may move the Court for appointment as lead plaintiff by no later
than April 15, 2014. A lead plaintiff is a representative party who acts
on behalf of other class members in directing the litigation. Your share
of any recovery in the action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the action.
Fairway
investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Fairway Securities Class
Litigation
Fairway, headquartered in New York, New York, and its subsidiaries
operate in the retail food industry and purports to sell fresh, natural
and organic products, prepared foods and specialty and gourmet offerings
along with conventional groceries.
The actions allege that throughout the Class Period, defendants made
materially false and misleading statements regarding Fairway’s business,
operations, and compliance policies in violation of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Specifically,
defendants allegedly made false and/or misleading statements and/or
failed to disclose that: (1) Fairway’s same store sales were declining;
(2) the Company’s direct store expenses were increasing; (3) the
Company’s financial forecasts were wholly unrealistic; and (4) as a
result of the foregoing, Fairway’s public statements were materially
false and misleading at all relevant times.
On February 6, 2014, Fairway announced disappointing results for the
fourth quarter of 2014, including a net loss of $0.74 per share and a
decline in same-store sales of 1.7%. Fairway also announced the
retirement of its CEO. Following this news, Fairway was downgraded by
multiple analysts, and the price of its shares dropped $3.31, or 28.9%,
from a closing price of $11.43 per share on February 6, 2014 to close at
$8.12 per share on the next trading day, well below its IPO price of
$13.00 per share.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs’ law firms in the nation. In compiling the
list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is one
of only two plaintiffs’ law firms in the United States to receive this
honor for the last eleven consecutive years.
For more information about Lieff Cabraser and the firm’s representation
of investors, please visit http://www.lieffcabraser.com.
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jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2014