Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against Central European Distribution Corporation
Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired the stock of Central European Distribution Corporation (“CEDC” or the “Company”) (Nasdaq: CEDC) between August 5, 2010 and February 28, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to email@example.com, or at: http://investigations.rigrodskylong.com/centraleuropeandistributioncorp-cedc/.
CEDC, together with its subsidiaries, produces, imports, and distributes alcoholic beverages in Poland, Hungary, and the Russian Federation.
The Complaint names CEDC and certain of the Company’s directors and officers as defendants. The Complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company’s financial health. Specifically, defendants failed to disclose and/or misrepresented that: (1) the Company had double digit declines in its vodka portfolio and its loss of market share in Poland was growing steeper as discounters were taking shares; (2) the severity of the its market share declines required that CEDC take an impairment charge, which defendants caused CEDC to delay recording on a timely basis; and (3) the launch of its new product, Zubrowka Biala, with major market spending in the form of rebates had an adverse effect on gross margin and impacted the channel mix in the market. As a result, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.
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