NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors from Vintage Wine Estates, Inc. (NASDAQ: VWE, VWEWW)

If you are an investor in Vintage Wine Estates and would like to discuss our investigation, please contact us via email [email protected] or by calling (646) 315-9003 or our toll-free number 1-800-290-1952.

On September 13, 2022, after the market closed, Vintage Wine Estates announced in a press release that “[d]In preparing its financial year 2022 results, the Company discovered an error in the treatment of its interest rate swap agreements, which has resulted in a restatement of its three-month and nine-month results ended March 31, 2022.” In addition, the Company stated that “[g]Net income decreased $11.1 million to $38,000, reflecting adjustments identified through processes implemented to improve internal controls.” Specifically, the company announced that there were “non-cash inventory adjustments of $19.1 million identified through efforts [to] Improve and strengthen inventory management, processes and reporting. This included adjustments to physical inventory counts of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3 million related to the impact of additional remediation efforts.”

Following this news, on September 14, 2022, Vintage Wine Estates shares fell $2.23 per share, more than 40%, to close at $3.30 per share.

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