NEW YORK, Oct. 26, 2011 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Central European Distribution Corp. ("CEDC" or the "Company") (NASDAQ: CEDC) common stock between August 5, 2010 and February 28, 2011.
For more information, click here: http://zlk.9nl.com/central-european/.
The complaint alleges that CEDC and certain of its officers and directors misrepresented or failed to disclose that: (a) the Company had double digit declines in its vodka portfolio and its loss of market share in Poland was growing steeper due to discounters taking shares; (b) that CEDC took an impairment charge which CEDC did not record on a timely basis; (c) the launch of the Company's new vodka product, Zubrowka Biala, with significant market spending in the form of rebates, was having a materially adverse effect on gross margin; and d) based on the aforementioned, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.
On March 1, 2011, the Company issued a press release announcing a net loss from continuing operations for the year of $92.9 million, as compared to a net profit of $72.7 million for the same period in 2009. On this news, shares of CEDC fell more than 35 percent.
If you suffered a loss in CEDC stock, you have until December 23, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://www.zlk.com/central-european-distribution-cedc.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
SOURCE Levi & Korsinsky, LLP