NEW YORK, June 6, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Central European Distribution Corp. ("CEDC" or the "Company") (NASDAQ: CEDC), concerning whether the board has breached its fiduciary duties to shareholders.
On June 4, 2012, CEDC announced that it expects to restate its financial results for all financial reporting periods from January 1, 2010 to the present, and that those financial results could no longer be relied on. CEDC additionally stated that it is reviewing whether any adjustments will be made to the Company's financial statements for the year ended December 31, 2009.
According to the Company's announcement, CEDC's reported net sales for 2010 and 2011 failed to reflect timely reporting of the full amount of retroactive trade rebates provided to a subsidiary in Russia. The Company estimated that 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.
Our investigation concerns whether the CEDC 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 CEDC 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:
Benjamin Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Email: [email protected]
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