NEW YORK, NY / ACCESSWIRE / September 29, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Vintage Wine Estates, Inc. f/k/a Bespoke Capital Acquisition Corp (“Vintage Wine Estates” or the “Company”) (NASDAQ:VWE).
If you suffered losses exceeding $50,000 investing in Vintage Wine Estates stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/VWE.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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 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.”
On this news, Vintage Wine’s stock fell $2.32 per share or 40%, to close at $3.30 during trading on September 14, 2022.
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SOURCE: Faruqi & Faruqi, LLP
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