Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Vintage Wine Estates, Inc. (“Vintage Wine” or the “Company) (NASDAQ: VWE).
In a Form 8-K dated September 13, 2022, Vintage Wine reported that “[o]n September 12, 2022, the Audit Committee of the Board of Directors . . . of Vintage Wine Estates, Inc. . . . after discussion with management, determined that the Company’s previously issued financial statements as of and for the three and nine months ended March 31, 2022 . . . should no longer be relied upon and should be restated due to the identification of an accounting error.”
The Company also reported that “[t]he correction of the accounting error led to a net reduction in previously recognized interest rate swap liabilities of $4.2 million for the three and nine months ended March 31, 2022, an increase in interest rate swap assets of $5.1 million for the three and nine months ended March 31, 2022, an increase in accrued liabilities and other payables of $2.7 million for the three and nine months ended March 31, 2022 and an increase in net unrealized gain on interest rate swap agreements of $6.7 million for the three and nine months ended March 31, 2022, net of income taxes.”
Shares of Vintage Wine stock were down almost 40% during intraday trading on September 14, 2022.
VINTAGE WINE SHAREHOLDERS WITH LOSSES GREATER THAN $25,000 ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS ABOUT THEIR VWE SECURITIES.
INVESTORS OF VINTAGE WINE STOCK WITH SIGNIFICANT FINANCIAL LOSSES ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO DISCUSS THE SECURITIES INVESTIGATION AND FOR A NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
