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El Pollo Loco Holdings, Inc.

Case Summary

El Pollo Loco Holdings, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 07/09/2018 (Ongoing date of last review)

Filing Date: August 24, 2015

According to the law firm press release, El Pollo Loco develops, franchises, licenses, and operates quick-service restaurants in the United States.

The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information about El Pollo Loco’s business and prospects, including that traffic at El Pollo Loco stores had declined substantially due to the removal of the value items from the restaurants’ menu boards, and that as a result, comparable store sales were not growing at 3%, much less the 3% to 5% the defendants had led investors to believe they would grow in the second quarter of 2015. As a result of these false and misleading statements and/or omissions, El Pollo Loco securities traded at artificially inflated prices during the Class Period, with the Company’s stock price reaching a high of $25.37 per share.

After the close of trading on August 13, 2015, the Company issued a release announcing its second quarter 2015 results for the three-month period ended July 1, 2015. El Pollo Loco disclosed that contrary to defendants’ prior claims of being on track to achieve 3%-5% comparable store sales increases, second quarter 2015 “[s]ystem-wide comparable restaurant sales [had grown] 1.3%, including a 0.5% decrease for company-operated restaurants, and a 2.6% increase for franchised restaurants.” On this news, the price of El Pollo Loco’s shares declined by 20% from its closing price of $18.36 per share on August 13, 2015, to $14.56 per share on August 14, 2015.

On December 8, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiffs filed a consolidated complaint on January 29.

On July 25, 2016, the Court issued an Order granting Defendants' Motion to Dismiss without prejudice. Plaintiffs were given leave to file an amended complaint. An amended complaint was filed on August 22, 2016.

On March 20, 2017, the Court issued an Order granting Defendants' Motion to Dismiss without prejudice. Plaintiffs were given leave to file an amended complaint. An amended complaint was filed on April 17. Lead Plaintiffs filed a Motion for Class Certification on December 8. On July 3, 2018, the Court issued an Order granting the Motion to Certify a Class in this action.

Company & Securities Information

Defendant: El Pollo Loco Holdings, Inc.

COMPANY INFORMATION:

Sector: Services
Industry: Restaurants
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LOCO
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.

First Identified Complaint

Daniel Turocy, et al. v. El Pollo Loco Holdings, Inc., et al.

COURT: C.D. California
DOCKET #: 15-CV-01343
JUDGE: Hon. David O. Carter
DATE FILED: 08/24/2015
CLASS PERIOD START: 05/15/2015
CLASS PERIOD END: 08/13/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Zeldes Haeggquist & Eck, LLP
    625 Broadway, Suite 1000, Zeldes Haeggquist & Eck, LLP, CA 92101
    619.378.0442 619.342.7878 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violations of the Federal Securities Laws 08/24/2015
2 U.S. District Court Civil Docket 08/25/2015
3 Order Regarding Appointment Of Lead Plaintiff And Selection Of Lead Counsel [41] 12/08/2015

Reference Complaint

Daniel Turocy, et al. v. El Pollo Loco Holdings, Inc., et al.

COURT: C.D. California
DOCKET #: 15-CV-01343
JUDGE: Hon. David O. Carter
DATE FILED: 04/17/2017
CLASS PERIOD START: 05/15/2015
CLASS PERIOD END: 08/13/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
  4. Zeldes Haeggquist & Eck, LLP
    625 Broadway, Suite 1000, Zeldes Haeggquist & Eck, LLP, CA 92101
    619.378.0442 619.342.7878 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Complaint for Violations of the Federal Securities Laws 01/29/2016
2 Proceedings (In Chambers): Order Granting Defendants’ Motion To Dismiss [50] 07/25/2016
3 Consolidated Second Amended Complaint for Violations of the Federal Securities Laws 08/22/2016
4 Proceedings (In Chambers): Order Granting Motion To Dismiss [64] 03/20/2017
5 Consolidated Third Amended Complaint for Violations of the Federal Securities Laws 04/17/2017
6 Proceedings (In Chambers): Order Denying Motion To Dismiss [83] 08/04/2017
7 Order Granting Plaintiffs' Motion to Certify Class [112]; Denying Defendants' Motion to Strike Portions of Reply [141]; Granting Defendants' Request to File Sur-Reply [141-2]; and Granting Plaintiffs' Request to File Sur-Sur-Reply [149-1] 07/03/2018
8 U.S. District Court Civil Docket 07/09/2018
 
 

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