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In the news release, Faruqi & Faruqi, LLP is Central European Distribution Corp., on Behalf of its Shareholders - CEDC, issued
06-Jun-2012 by Faruqi & Faruqi, LLP over PR Newswire, we are advised by the company that the headline should read, "Faruqi & Faruqi, LLP is Investigating Central European Distribution Corp., on Behalf of its Shareholders - CEDC." The complete, corrected release follows:
Faruqi & Faruqi, LLP is Investigating Central European Distribution Corp., on Behalf of its Shareholders - CEDC
June 6, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Central European Distribution Corp. ("CEDC" or the "Company") (NASDAQ: CEDC). The investigation focuses on whether certain officers and directors of CEDC breached their fiduciary duties by causing or allowing the Company to issue statements regarding the Company's financial performance that were false and misleading.
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CEDC, along with its subsidiaries, produce, import and sell vodka and other alcoholic beverages in
Hungary and the Russian Federation. On
June 4, 2012, the Company announced that it expects to restate its financial results for all financial reporting periods from and after
January 1, 2010. The Company also announced that it is reviewing whether any adjustments will be made to the Company's financial statements issued in 2009. The Company stated that a review of its business operations revealed that its reported net sales for the years ended
December 31, 2010 and
December 31, 2011 failed to reflect the timely reporting of the full amount of retroactive trade rebates provided to customers of CEDC' s main subsidiary in Russia. The Company estimates the total effect of the adjustments identified to date will result in a reduction of its consolidated net sales, operating profit, and related accounts receivable of approximately
$30 to $40 million.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.