SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against Fairway
Group Holdings Corporation - FWM
NEW YORK, NY -- (Marketwired) -- 04/11/14 -- Pomerantz LLP has filed
a class action lawsuit against Fairway Group Holdings Corporation
("Fairway" or the "Company") (NASDAQ: FWM) and certain of its
officers. The class action, filed in United States District Court,
Southern District of New York, and docketed under 14-cv-0950 is on
behalf of a class consisting of all persons or entities who purchased
or otherwise acquired securities of Fairway between April 16, 2013
and February 6, 2014, both dates inclusive (the "Class Period"). This
class action seeks to recover damages against the Company and certain
of its officers and directors as a result of alleged violations of
the federal securities laws pursuant to Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased Fairway securities during the
Class Period, you have until April 15, 2014 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the Complaint
can be obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at email@example.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by
e-mail are encouraged to include their mailing address, telephone
number, and number of shares purchased.
Fairway Group Holdings Corp. and its subsidiaries operate in the
retail food industry, selling fresh, natural and organic products,
prepared foods and hard to find specialty and gourmet offerings along
with a full assortment of conventional groceries.
The Complaint alleges that throughout the Class Period, Defendants
made materially false and misleading statements regarding the
Company's business, operational and compliance policies.
Specifically, Defendants made false and/or misleading statements
and/or failed to disclose that: (1) Fairway's same store sales were
declining; (2) the Company's direct store expenses were increasing;
(3) the Company's financial forecasts were wholly unrealistic; and
(4) as a result of the foregoing, Fairway's public statements were
materially false and misleading at all relevant times.
On February 6, 2014, Fairway reported earnings that severely missed
analysts' estimates including disappointing same store sales, as well
as increased direct store expenses. Moreover, the Company reported a
substantial miss in EBITDA growth for the third quarter, as EBITDA
grew 3.2% over the same period in the prior year compared to growth
of 20% - 25% that management had forecast.
On this news, shares of Fairway fell $3.19 per share, more than
27.91%, on intraday trading, to a price of $8.24 on February 7, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and
San Diego, 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
Robert S. Willoughby
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