NEW YORK, October 11, 2022 (GLOBE NEWSWIRE) – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors in Vintage Wine Estates, Inc. (“Vintage Wine Estates” or the “Company”) (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 close of trading, Vintage Wine Estates, Inc. announced that the Company’s audit committee of directors (the “Audit Committee”), following discussions with management, determined that “the Company previously issued financial statements as of and for the three and nine months ended March 31, 2022 … should no longer be relied upon and restated due to a finding of an accounting error.”

In addition, the company announced 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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