New York, New York--(Newsfile Corp. - September 14, 2022) - Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Vintage Wine Estates, Inc. (or the "Company") common stock (NASDAQ: VWE).
On February 4, 2021, the SPAC Bespoke Capital Acquisition Corp. announced it was combining with Vintage Wine Estates in a $690 million deal. Since the deal closed on May 28, 2021, Vintage Wine's Chief Operating Officer resigned, the Company identified a material weakness in its internal control over financial reporting, its accounting firm resigned and its Chief Financial Officer was replaced.
After the market closed on September 13, 2022, Vintage Wine announced its fourth quarter and full year 2022 results and revenues met prior guidance but adjusted EBITDA came in 26% below guidance and full year fiscal 2023 revenue growth was very low compared to historical growth levels. Vintage Wine also disclosed it recorded a $19.1 million in non-cash inventory adjustments including 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 also announced the need for a restatement.
Investors who have lost over $25,000 trading in Vintage Wine's common stock and who would like to discuss the investigation should contact Adam Savett at (610) 621-4550, or asavett@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (610) 621-4550
Email: asavett@wolfpopper.com
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