NEW YORK, Sept. 16, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP is investigating potential claims against Vintage Wine Estates, Inc. (“Vintage Wine” or the “Company”) VWE. The investigation concerns whether Vintage Wine and/or certain of its officers have violated federal securities laws and/or engaged in other illegal business practices.
Vintage Wine produces alcoholic beverages and offers customized wines for business and special occasions.
On September 13, 2022, after the market close, Vintage Wine issued a press release announcing disappointing fourth quarter and full year 2022 results. In it, the company announced that it recorded $19.1 million in non-cash inventory adjustments that were “identified through efforts to improve and strengthen inventory management, processes and reporting.” The adjustments included “$12.4 million of physical inventory count adjustments, $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 that its operating loss for the fourth quarter of 2022 was $27.7 million, compared to $10.9 million in the same quarter last year, due in part to “$19.1 million of non-cash inventory adjustments.” was. As a result of this news, the price of Vintage Wine stock fell $2.23 per share, or approximately 40.33%, from $5.53 per share to a closing price of $3.30 on September 14, 2022.
If you have purchased or otherwise acquired Vintage Wine securities, have information, or would like to learn more about this investigation, please contact us Thomas W Elrod from Kirby McInerney LLP by email at investigations@kmllp.comor by filling this out Contact formto discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm focused on securities, antitrust, whistleblower and consumer litigation. The Company’s efforts on behalf of security shareholders…
