Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Yum! Brands, Inc. (“Yum” or “Company”) (NYSE: YUM). The firms are investigating additional legal claims against the officers and Board of Directors of Yum during the period of October 9, 2012 through January 7, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com , or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Yum and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ misrepresented and/or failed to disclose that: (a) slowing economic trends in China were stronger than conveyed and could not support the forecasted sales results for the Company’s China Division nor the Company-wide increased EPS growth; (b) Defendants knew but concealed that the Company’s own food safety inspections had already found that Chinese chicken supplier Shandong Liuhe had sold the Company chickens with increased levels of antibiotics and other illegal drugs and/or chemicals; and (c) the Company continued to purchase products from Shandong Liuhe until as late as August 2012. According to the complaint, when these facts were finally disclosed, Yum’s shares dropped substantially.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Yum’s business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Yum’s officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Yum stock for all shareholders,” said shareholder rights attorney Willie Briscoe.
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