Award Winning Firm Labaton Sucharow Investigating Vintage Wine Estates, Inc. f/k/a Bespoke Capital Acquisition Corp. (NASDAQ: VWE, VWEWW, BSPE)

Rhea-AI Summary

Labaton Sucharow is investigating Vintage Wine Estates (NASDAQ: VWE) for potential violations of federal securities laws. The investigation stems from a September 13, 2022, press release in which Vintage Wine disclosed non-cash inventory adjustments totaling $19.1 million. These adjustments included $12.4 million for physical inventory count corrections, $3.7 million for inventory reserves, and $3.0 million for remediation efforts, contributing to a significant loss in Q4 2022. Following this news, Vintage Wine's stock plummeted over 40% on September 14, 2022.

Positive

• None.

Negative

• Non-cash inventory adjustments of $19.1 million negatively impacted financial reporting.
• Adjustments contributed to a larger loss in Q4 2022.
• Stock price dropped over 40% following the announcement.

NEW YORK, NY / ACCESSWIRE / September 30, 2022 / 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.

Contacts:

David J. Schwartz
(800) 321-0476
david@labaton.com

SOURCE: Labaton Sucharow LLP

View source version on accesswire.com:
https://www.accesswire.com/718317/Award-Winning-Firm-Labaton-Sucharow-Investigating-Vintage-Wine-Estates-Inc-fka-Bespoke-Capital-Acquisition-Corp-NASDAQ-VWE-VWEWW-BSPE

FAQ

What is Labaton Sucharow investigating about Vintage Wine Estates?

Labaton Sucharow is investigating Vintage Wine Estates for possible violations of federal securities laws regarding misleading statements and non-disclosed information related to their inventory adjustments.

What caused the stock price drop for Vintage Wine Estates?

The stock price dropped over 40% due to the announcement of $19.1 million in non-cash inventory adjustments, which contributed to a larger loss in Q4 2022.

How much were the inventory adjustments made by Vintage Wine Estates?

Vintage Wine Estates reported non-cash inventory adjustments totaling $19.1 million, which included $12.4 million for physical inventory count corrections.

When did Vintage Wine Estates announce the inventory adjustments?

Vintage Wine Estates announced the inventory adjustments on September 13, 2022.

What impact did the inventory adjustments have on Vintage Wine Estates' performance?

The inventory adjustments resulted in a significant loss for Vintage Wine Estates in Q4 2022, prompting a sharp decline in stock value.