Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Central European Distribution Corporation (“CEDC” or the “Company”) (NasdaqGS: CEDC) during the period between March 1, 2010 and June 4, 2012, inclusive (the “Class Period”).
If you have suffered a net loss for all transactions in Central European Distribution Corporation securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at
, by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 7, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period that the Company’s reported net sales in the years ended December 31, 2010 and 2011 were materially inflated to such an extent that the Company anticipates restating its reported consolidated net sales, operating profit and related accounts receivable for these periods. According to the complaint, after, 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, the value of CEDC shares declined significantly.