San Diego, CA -- (SBWire) -- 11/10/2022 --An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Vintage Wine Estates, Inc.
Investors who purchased shares of Vintage Wine Estates, Inc. (NASDAQ: VWE) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Vintage Wine Estates, Inc. (directors breached their fiduciary duties and caused damage to the company and its shareholders.
Incline Willage, NV based Vintage Wine Estates, Inc. produces and sells wines and craft spirits in the United States, Canada, and internationally. Vintage Wine Estates, Inc. reported that its Total Revenue increased from $220.74 million for the 12 months period that ended on June 30, 2021, to $293.77 million for the 12 months period that ended on June 30, 2022, and that its Net Income of $9.87 million declined for the 12 months period that ended on June 30, 2021, to a Nat Loss of $0.571 million for the 12 months period that ended on June 30, 2022.
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 $2.13 per share on November 9, 2022.
Those who purchased shares of Vintage Wine Estates, Inc. (NASDAQ: VWE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Vintage Wine Estates, Inc. (NASDAQ:VWE) Investor Alert: Investigation Concerning Possible Wrongdoing
An investigation on behalf of investors in Vintage Wine Estates, Inc. (NASDAQ:VWE) shares over potential wrongdoing at Vintage Wine Estates, Inc. was announced.