An investigation for investors in Vintage Wine Estates, Inc. (NASDAQ:VWE) shares over potential securities laws violations by Vintage Wine Estates, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/27/2022 -- Vintage Wine Estates, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Vintage Wine Estates, Inc. (NASDAQ: VWE), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Vintage Wine Estates, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Incline Willage, NV based Vintage Wine Estates, Inc. produces and sells wines and craft spirits in the United States, Canada, and internationally. On September 13, 2022, after the market hours, Vintage Wine Estates, Inc. announced that certain of the company's previously issued financial statements should no longer be relied upon and should be restated due to the identification of an accounting error.
Vintage Wine Estates, Inc. also announced its fourth quarter and fiscal year 2022 results. Vintage Wine Estates, Inc. revealed that it recorded $19.1 million in non-cash inventory adjustments which were "identified through efforts to improve and strengthen inventory management, processes and reporting." 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 further revealed that it's fourth quarter 2022 loss from operations was $27.7 million, compared to $10.9 million in the prior year quarter, which was due in part to "the $19.1 million non-cash inventory adjustments."
Shares of Vintage Wine Estates, Inc. (NASDAQ: VWE) declined from $11.15 per share on April 21, 2022, to as low as $2.95 per share on September 19, 2022.
Those who purchased shares of Vintage Wine Estates, Inc. (NASDAQ: VWE) have certain options and should contact the Shareholders Foundation.
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