According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- due to a material weakness related to its inventory controls and procedures, the Company lacked a reasonable basis to report inventory metrics;
- the Company understated its overhead burden in certain quarters, thereby overstating its adjusted EBITDA;
- as a result of the foregoing, Vintage Wine Estates was reasonably likely to incur significant charges to restate prior reporting; and
- as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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