Harwood Feffer LLP Announces Investigation of Central European Distribution
NEW YORK, June 6, 2012
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
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,
Benjamin Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
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.
Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for
this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not
guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP
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