NEW YORK, Jan. 28, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of The Chefs' Warehouse, Inc. ("Chefs' Warehouse" or the "Company") (NASDAQ: CHEF). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 1-888-476-6529, ext. 237.
The investigation concerns whether Chefs' Warehouse and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 27, 2014, the Company issued the Press Release announcing that it anticipated that its financial results for fiscal 2013 would be lower than the Company's previously announced expectations.
Additionally, the Press Release stated that, "In regard to the accounting issue, the Company has determined that an employee involved in the financial reporting process at its Michael's Finer Meats subsidiary, which the Company acquired in August 2012, deliberately made unsupported adjustments to the subsidiary's inventory balances resulting in an aggregate overstatement to the subsidiary's inventory balance."
On this news, shares of Chefs' Warehouse fell $3.34 per share to $23.97, or more than 12.23%, on January 27, 2014 in after-hours trading.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP