Case Page

 

Case Status:    DISMISSED    
On or around 11/17/2015 (Other)

Filing Date: February 14, 2014

According to the law firm press release, 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 EBIDTA growth for the third quarter, as EBIDTA 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.

On June 3, 2014, the Court issued an Order appointing lead plaintiff, approving the selection of lead counsel, and consolidating all related actions. Lead Plaintiffs filed an amended complaint on September 4.

A second amended complaint was filed on April 21, 2015.

On September 9, 2015, the Court issued an Order granting defendants' motions to dismiss and closing this case.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FWM
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 14-CV-00950
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 02/14/2014
CLASS PERIOD START: 04/16/2013
CLASS PERIOD END: 02/06/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-00950
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 04/21/2015
CLASS PERIOD START: 04/17/2013
CLASS PERIOD END: 02/07/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Klausner, Kaufman, Jensen & Levinson
    10059 Northwest 1st Court, Klausner, Kaufman, Jensen & Levinson, FL 33324
    954.916.1202 954.916.1232 ·
No Document Title Filing Date