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Investigation announced for Investors in shares of Vintage Wine Estates, Inc. (NASDAQ: VWE) over possible Violations of Securities Laws

09-20-2022 07:10 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Vintage Wine Estates, Inc. (NASDAQ: VWE) shares over potential securities laws violations

An investigation for investors in Vintage Wine Estates, Inc. (NASDAQ: VWE) shares over potential securities laws violations

An investigation was announced over potential securities laws violations by Vintage Wine Estates, Inc. 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 mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Vintage Wine Estates, Inc. (NASDAQ: VWE) concerning 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. 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 $2.95 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.

Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.

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