NEW YORK, June 6, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Central European Distribution Corp. ("CEDC" or the "Company") (NASDAQ: CEDC). The investigation focuses on whether certain officers and directors of CEDC breached their fiduciary duties by causing or allowing the Company to issue statements regarding the Company's financial performance that were false and misleading.
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CEDC, along with its subsidiaries, produce, import and sell vodka and other alcoholic beverages in Poland, Hungary and the Russian Federation. On June 4, 2012, the Company announced that it expects to restate its financial results for all financial reporting periods from and after January 1, 2010. The Company also announced that it is reviewing whether any adjustments will be made to the Company's financial statements issued in 2009. The Company stated that a review of its business operations revealed that its reported net sales for the years ended December 31, 2010 and December 31, 2011 failed to reflect the timely reporting of the full amount of retroactive trade rebates provided to customers of CEDC' s main subsidiary in Russia. The Company estimates the total effect of the adjustments identified to date will result in a reduction of its consolidated net sales, operating profit, and related accounts receivable of approximately $30 to $40 million.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you hold CEDC shares and you would like to discuss your legal rights, visit www.faruqilaw.com/CEDC. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
Faruqi & Faruqi, LLP
Beth A. Keller, Esq.
369 Lexington Avenue, 10th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: [email protected]
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