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Mon, October 31, 2011
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Fri, October 28, 2011
Faruqi & Faruqi, LLP Announces Investigation of Central European Distribution Corp.
NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, is investigating potential wrongdoing at Central European Distribution Corp. (aCentral Europeana or the aCompanya) (Nasdaq: CEDC). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Central European violated federal securities laws in connection with statements made to the Company's shareholders.
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The investigation focuses on whether certain individuals violated federal securities laws by failing to disclose that: (1) Central European was experiencing double digit declines in its vodka portfolio; (2) the Company was rapidly losing market share in Poland to discounters; (3) the Companyas market decline required impairment charges, which Central European did not timely record; and (4) advertising costs for Central Europeanas new vodka product were negatively impacting the Companyas profit margins.
On March 1, 2011, the Company shocked the market when it issued disappointing fiscal year 2010 results, including a net loss of $92.9 million or $1.32 per fully diluted share. This is compared to a net profit of $72.7 million, or $1.35 per fully diluted share, for the same period in 2009. On this news, shares of Central Europeanas stock fell $8.52, or more than 37%, to close at $14.33 per share.
Take Action
If you purchased Central European securities between August 5, 2010 and February 28, 2011 and you would like to discuss your legal rights, visit [ www.faruqilaw.com/CEDC ]. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [ avozzolo@faruqilaw.com ] or [ rgonnello@faruqilaw.com ]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Central European's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
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