Vintage Wine Estates, Inc. Sued By Block & Leviton LLP for Securities Law Violations

Boston, Massachusetts--(Newsfile Corp. - December 1, 2022) - Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Vintage Wine Estates, Inc. (NASDAQ: VWE) and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the District of Nevada and is captioned Salbenblatt v. Vintage Wine Estates, Inc., No. 2:22-cv-01976 (D. Nev.) and is brought on behalf of investors that incurred damages on their purchases in Vintage Wine Estates common stock between October 13, 2021 and September 13, 2022, inclusive.

A class has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Investors who purchased Vintage Wine Estates shares between October 13, 2021 and September 13, 2022 and who lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or to visit our website for information on the case.

The deadline to seek appointment as lead plaintiff is January 13, 2023.

What is this all about?

Vintage Wine Estates is a US-based vintner consisting of over 60 brands of wines and spirits, totaling roughly 3 million cases annually. On September 13, 2022, after the market had closed, Vintage Wine Estates reported disappointing financial results for fiscal year 2022 and disclosed that previously issued financial results contained inaccuracies and should no longer be relied upon.

Vintage Wine Estates disclosed that it "recorded $19.1 million in non-cash inventory adjustments identified through efforts t[o] improve and strengthen inventory management, processes and reporting." Additionally, the Company disclosed that "the [fourth] quarter included approximately $6.8 million in overhead burden that was related to the first and second quarter of fiscal 2022, but not material to the respective periods."

Following these disclosures, Vintage Wine Estates shares plummeted 40.3% in intraday trading on September 14, 2022 on elevated trading volume.

If you purchased or acquired Vintage Wine Estates shares between October 13, 2021 and September 13, 2022 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website. The deadline to seek appointment as lead plaintiff is January 13, 2023.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com

SOURCE: Block & Leviton LLP
www.blockleviton.com

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