Philadelphia, Pennsylvania--(Newsfile Corp. - May 4, 2023) - Grabar Law Office is investigating potential claims on behalf of shareholders of Vintage Wine Estates, Inc. (NASDAQ: VWE). The investigation centers around whether certain directors and officers of Vintage Wine Estates breached fiduciary duties owed to Vintage Wine Estates and its shareholders.
According to an underlying class action complaint, Vintage Wine Estates, through certain of its officers and directors, made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business. Specifically, the class action complaint alleges that Defendants failed to disclose to investors: (1) that, due to a material weakness related to its inventory controls and procedures, the Company lacked a reasonable basis to report inventory metrics; (2) that the Company understated its overhead burden in certain quarters, thereby overstating its adjusted EBITDA; (3) that, as a result of the foregoing, Vintage Wine was reasonably likely to incur significant charges to restate prior financial reporting; and (4) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
If you have continuously held Vintage Wine Estates, Inc. shares since prior to October 13, 2021, you can seek corporate reforms, the return of funds back to the company, and a court approved incentive award.
If you would like to learn more about this matter at no cost to you, you are encouraged to visit https://grabarlaw.com/the-latest/vintage-wine-estates-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call Josh Grabar at 267-507-6085.
Attorney Advertising Disclaimer
These materials have been prepared by the Grabar Law Office for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results referred to in these materials do not guarantee or suggest a similar result in other matters.
Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164831
