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Labaton Sucharow, a prominent shareholder rights firm, is investigating Vintage Wine Estates (NASDAQ: VWE, VWEWW, BSPE) for potential violations of federal securities laws. The focus is on allegations of misleading statements and lack of disclosure by the company. A significant concern arises from a press release dated September 13, 2022, revealing $19.1 million in non-cash inventory adjustments, which contributed to a larger fourth-quarter loss. Following this announcement, Vintage Wine's shares dropped over 40% on September 14, 2022.
Reported $19.1 million in non-cash inventory adjustments impacting financials.
Fourth-quarter losses exacerbated by inventory issues.
Share price fell over 40% following the disclosure.
NEW YORK--(BUSINESS WIRE)--
Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announces that it is investigating Vintage Wine Estates, Inc. f/k/a Bespoke Capital Acquisition Corp ("Vintage Wine" or "the Company") (NASDAQ: VWE, VWEWW, BSPE) for violations of the federal securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Vintage Wine issued a press release on September 13, 2022, revealing that it had taken $19.1 million in non-cash inventory adjustments that it had “identified through efforts to improve and strengthen inventory management, processes and reporting.” The Company added that the adjustments included “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 admitted that these adjustments had fueled a larger loss in the fourth quarter of 2022. Based on this news, shares of Vintage Wine plunged by more than 40% in intraday trading on September 14, 2022.
If you currently own stock or options in Vintage Wine Estates, Inc. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.
About the Firm
Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
What is the investigation into Vintage Wine Estates about?
Labaton Sucharow is investigating Vintage Wine Estates for possible violations of federal securities laws, focusing on misleading statements and undisclosed information.
What caused Vintage Wine Estates' stock to drop?
The stock dropped over 40% after disclosing $19.1 million in non-cash inventory adjustments that led to larger fourth-quarter losses.
What are the implications of the inventory adjustments mentioned in the press release?
The inventory adjustments signify potential financial mismanagement and could affect investor trust and stock performance.
What should Vintage Wine Estates shareholders do in light of this investigation?
Shareholders who suffered losses may consider participating in the investigation to protect their investments.
