Glancy Binkow & Goldberg LLP Files Class Action Shareholder Lawsuit Against
Yum! Brands, Inc. -- YUM
LOS ANGELES, Jan. 29, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP,
representing investors of Yum! Brands, Inc. ("Yum" of the "Company")
(NYSE:YUM), has filed a shareholder lawsuit in the United States District
Court for the Central District of California on behalf of a class (the
"Class") comprising all persons or entities who purchased Yum securities
between October 9, 2012 and January 7, 2013, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow &
Goldberg LLP. Please contact us by phone to discuss this action or to obtain a
copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by
email at firstname.lastname@example.org.
YUM, together with its subsidiaries, operates quick service restaurants in the
United States and internationally under the KFC, Pizza Hut and Taco Bell
brands. On November 23, 2012 reports in the Chinese media disclosed that
certain of the Company's chicken suppliers had been feeding toxic chemicals to
chickens sold to KFC China. On December 20 and 21, 2012 news outlets reported
that the Company knew well before October 2012, but sought to conceal, that
certain chicken suppliers in China had injected chickens with excessive
antibiotics and other illegal chemicals.
Then, on January 7, 2013, in a filing with the SEC the Company lowered its
China Division's full-year 2012 guidance for same-store sales, due to
publicity surrounding the Chinese government's review of Yum's poultry supply.
As a result of these disclosures, on January 8, 2013 Yum shares dropped 5%,
from $67.89 per share to as low as $64.40 per share.
The Complaint alleges that throughout the Class Period the defendants
misrepresented and/or failed to disclose that: (1) slowing economic trends in
China were stronger than reported and could not support Yum's China Division's
forecasted sales results or the Company's increased earnings-per-share growth;
(2) defendants knew but failed to disclose that the Company's own food safety
inspections had already discovered high levels of antibiotics and other
illegal drugs and/or chemicals in chickens purchased from a Chinese supplier
-- Shandong Liuhe Group; and (3) Yum had continued to buy products from
Shandong Liuhe Group until as late as August 2012.
If you are a member of the Class described above, you may move the Court to
serve as lead plaintiff no later than March 25, 2013; however, you must meet
certain legal requirements.If you wish to learn more about this action or
have any questions concerning this Notice or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, by telephone at (310) 201-9150 or Toll Free at (888)
773-9224, by e-mail to email@example.com, or visit our website at
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
(310) 201-9150 or (888) 773-9224
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