WAYNE, Pa., Jan. 14, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased Chipotle Mexican Grill, Inc. ("Chipotle" or the "Company") (NYSE: CMG) securities between February 4, 2015 and January 5, 2016 inclusive (the "Class Period").
Chipotle shareholders may, no later than March 8, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Chipotle and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/cmg.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Chipotle's quality controls were not in compliance with applicable consumer and workplace safety regulations; (ii) Chipotle's quality controls were inadequate to safeguard consumer and employee health; and (iii) as a result of the foregoing, Chipotle's public statements were materially false and misleading at all relevant times.
During the week of August 18, 2015, approximately 100 customers and employees of a Chipotle restaurant in Simi Valley, California became ill. The Ventura County Environmental Health Division reported on September 4, 2015, that the illness was a norovirus outbreak. Health inspectors said that the Chipotle restaurant in question contained dirty and inoperative equipment, equipment directly linked to the sewer, and other sanitary and health violations.
In a similar case, between August 19 and September 3, 2015, about 64 people became sick from a Minnesota Chipotle. The Minnesota Department of Health reported on September 17, 2015, that the illness was salmonella, linked to tomatoes consumed at 22 Chipotle locations. The affected restaurants changed tomato suppliers but did not close their stores.
Additionally, Chipotle closed all of its restaurants in Portland, Oregon and Seattle, Washington, around November 1, 2015, following reports of approximately 20 cases of E. coli by Chipotle patrons. Following this news, Chipotle stock fell $16.23, or approximately 2.5%, to close at $624.00 on November 2, 2015.
In another situation, more than 140 Boston College students fell ill after dining at a Chipotle restaurant in Brighton, Massachusetts around December 2, 2015. Health officials confirmed on December 9, 2015, that the students had contracted norovirus. Following this news, between December 1 and December 9, 2015, Chipotle stock fell $32.73, or 5.6%, to close at $548.01 on December 9, 2015.
On January 6, 2016, pre-market, Chipotle announced that it was served in December 2015 with a federal subpoena, requiring the Company to produce extensive documents following the August 2014's criminal investigation of the dangerous norovirus outbreak in Simi Valley, California. Chipotle said in a filing with the Securities and Exchange Commission that the investigation is being conducted by the U.S. Attorney's Office for the Central District of California in conjunction with the Food and Drug Administration's Office of Criminal Investigations. Following this news, Chipotle stock fell $22.36, or 4.98%, to close at $426.67 on January 6, 2016.
If you are a member of the class, you may, no later than March 8, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/cmg. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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