Vintage Wine Estates Investor Alert: Kaplan Fox

NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Vintage Wine Estates, Inc. (NASDAQ: VWE, VWEWW)

If you are an investor of Vintage Wine Estates and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1-800-290-1952.

On September 13, 2022 after the market closed, Vintage Wine Estates disclosed in a press release that “[d]uring the preparation of its fiscal year 2022 results, the Company uncovered an error in the treatment of its interest rate swap agreements that led to a restatement of its three-months and nine-months ended March 31, 2022 results.” In addition, the Company stated that “[g]ross profit was down $11.1 million to $38 thousand reflecting adjustments identified through processes implemented to improve internal controls.” Specifically, the Company disclosed that it “recorded $19.1 million in non-cash inventory adjustments identified through efforts [to] improve and strengthen inventory management, processes, and reporting. This included physical inventory count adjustments of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3 million related to the impact of additional remediation efforts.”

Following this news, on September 14, 2022, shares of Vintage Wine Estates plummeted by $2.23 per share, more than 40%, to close at $3.30 per share.

WHY CONTACT KAPLAN FOX – Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  

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If you have any questions about this investigation, your rights, or your interests, please contact: 

Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com