NEW YORK, Dec. 23, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that a class action lawsuit against Vintage Wine Estates, Inc. (“Vintage Wine” or the “Company “) VWE in the United States District Court of Nevada on behalf of all individuals and entities that purchased or otherwise acquired Vintage Wine securities between October 13, 2021 and September 13, 2022, both dates inclusive (the “Collection Period”). Investors have until January 13, 2022 to apply to the court to be appointed as lead plaintiff in the lawsuit.

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This is a class action on behalf of individuals and entities that purchased or otherwise acquired Vintage Wine securities between October 13, 2021 and September 13, 2022 inclusive (the “Class Period”). Plaintiff is pursuing claims against Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

Vintage Wine is a winery company that sells wines and spirits.

On September 13, 2022, Vintage Wine announced its financial results for fiscal year 2022. In its press release, the company stated that it “recorded non-cash inventory adjustments of $19.1 million identified through efforts[o] Improve and strengthen inventory management, processes and reporting.” The company also stated that “the [fourth] Quarter included overhead of approximately $6.8 million related to the first and second quarters of fiscal 2022 but not material to the respective periods.”

As a result of this news, the company’s share price fell $2.23, or 40.3%, on unusually high trading volume to close at $3.30 per share on September 14, 2022.

Throughout the Class Period, the Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants have failed to disclose to investors: (1) that due to a material weakness related to…