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June 5, 2012 /PRNewswire/ -- Block & Leviton LLP (
Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving Central European Distribution Corp. ("CEDC" or the "Company") (NASDAQ: CEDC). After trading closed on
June 4, 2012, CEDC announced that it is restating its financial results for the period
January 1, 2010 through present. The Company also reported that it is investigating whether any adjustments would be needed for the year ended
December 31, 2009.
According to the Company, reported net sales in the years ended
December 31, 2010 and 2011 failed to accurately reflect full amount of retroactive trade rebates provided to the customers of the CEDC's main subsidiary. The adjustments identified to date will result in a reduction of approximately
$30 to $40 million in the Company's consolidated net sales, operating profit and related accounts receivable for the period
January 1, 2010 through
December 31, 2011. The company's stock price has dropped approximately 10% on this news.
Block & Leviton's investigation seeks to determine, among other things, whether CEDC or its officers and directors have violated the Securities Exchange Act of 1934 or any other federal securities laws. If you have any information relevant to this investigation, or if you purchased CEDC stock between
January 1, 2009 and
June 5, 2012 and have questions about your legal rights, please contact Block & Leviton LLP.
Block & Leviton is a
Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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