SFMS Announces Investigation Of Central European Distribution Corp. For Shareholders
Shepherd, Finkelman, Miller & Shah, LLP ( http://www.sfmslaw.com; e-mail: firstname.lastname@example.org), a law firm with offices in California, Connecticut, Florida, New York, New Jersey, Pennsylvania and Wisconsin, announces that it is investigating possible breaches of fiduciary duty and other violations of law by certain officers and directors at Central European Distribution Corp. (“CEDC” or the “Company”)(Nasdaq: CEDC).
SFMS’s investigation focuses on whether the officers and directors of CEDC harmed the Company by failing to disclose material information regarding certain accounting practices within the Company. CEDC is one of the world’s largest vodka producers and a leading importer of alcoholic beverages in Poland, Russia and Hungary. On June 4, 2012, the Company announced that it expects to restate its financial results for all financial reporting periods from January 1, 2010 to the present. CEDC also revealed that it estimates a reduction of its consolidated net sales, operating profit and related accounts receivable of approximately $30 to $40 million from January 1, 2010 through December 31, 2011. The Company stated that the majority of this reduction reflects its inaccurate estimates of certain retroactive trade rebates, and, thus, both net revenues and accounts receivable were overstated. As a result, the Company’s share price declined by $0.38 per share, or approximately 10.7%, to close at $3.17 per share on June 5, 2012.
If you are a current shareholder of CEDC and would like more information about your shareholder rights, please contact Karen M. Leser-Grenon by email ( email@example.com) or telephone (toll-free at (866) 540-5505); or Kolin Tang by email ( firstname.lastname@example.org) or telephone ((619) 235-2416).
Shepherd, Finkelman, Miller & Shah, LLP ( http://www.sfmslaw.com) is a law firm that represents investors, including institutions and individuals, as well as consumers, in class action and corporate governance matters throughout the country.
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