Central European Distribution Corporation 2012
Class Period: Mar 4, 2010 to Jun 4, 2012
Lead Plaintiff Deadline: Aug 7, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Central European Distribution Corporation ("CEDC" or the "Company") on behalf of all persons who purchased or otherwise acquired CEDC securities between March 01, 2010 to June 04, 2012. This case has been filed in the USDC - New York (Southern).
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) the Company's reported net sales in the years ended December 31, 2010 and 2011 were materially inflated; (2) as a result of its failure to appropriately account for customer rebates, the Company anticipates restating its reported consolidated net sales, operating profit and related accounts receivable for these periods by approximately $30 to $40 million; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 4, 2012, the Company disclosed that it estimates a reduction of its previously reported consolidated net sales, operating profit and related accounts receivable for the periods of January 1, 2010 through December 31, 2011 by approximately $30 to $40 million, due to the Company's failure to properly account for the retroactive trade rebates provided to the customers of its main operating subsidiary in Russia, the Russian Alcohol Group. On these revelations, CEDC shares declined $0.38 per share or approximately 10.7%, to close at $3.17 per share on June 5, 2012.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.