Kirby McInerney LLP Announces an Investigation of Shareholder Claims Against Vintage Wine Estates, Inc.

Contacts

The law firm of Kirby McInerney LLP is investigating potential claims against Vintage Wine Estates, Inc. (“Vintage Wine” or the “Company”) (NASDAQ: VWE). The investigation concerns whether Vintage Wine and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.

Vintage Wine produces alcoholic beverages and offers custom wines for business and special occasions. The Company also renders wine bottle etching, private labeling, and consulting services.

On September 13, 2022, after the market closed, Vintage Wine issued a press release announcing disappointing fourth quarter and fiscal year 2022 results. Therein, the Company 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 its 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.” On this news, the price of Vintage Wine shares declined by $2.23 per share, or approximately 40.33%, from $5.53 per share to close at $3.30 on September 14, 2022.

If you purchased or otherwise acquired Vintage Wine securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.