NEW YORK, July 8, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of El Pollo Loco Holdings, Inc. ("Pollo Loco" or the "Company") (NASDAQ: LOCO), concerning whether the board has breached its fiduciary duties to shareholders.
In May 2015, the Company announced strong first quarter 2015 results primarily due to restaurant sales growth of 5.1%. The Company also forecast 3% - 5% restaurant sales growth during the second quarter.
A few days later, five Pollo Loco insiders sold over 6 million shares for total proceeds of approximately $131 million at prices of over $21.75 per share.
Then, in August 2015, the Company disclosed disappointing second quarter results driven by restaurant sales growth of only 1.3%. Later that day, a company representative admitted during a conference call for investors that the decrease in restaurant growth had been occurring throughout the quarter.
On this news, Pollo Loco stock dropped from approximately $18.36 per share to $14.56 per share.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Pollo Loco shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP