SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Weis Markets, Inc. (WMK)
NEW YORK, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Weis Markets, Inc. (“Weis” or the “Company”) (NYSE: WMK). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/wmk.
The investigation concerns whether Weis and certain of its officers and/or directors have violated federal securities laws.
On September 5, 2018, Spruce Point Capital Management (“Spruce Point”) published a report on Weis, asserting that “Weis is obfuscating its financial pressures with aggressive accounting and reduced disclosures that will make its recent share price performance unsustainable.” The Spruce Point report noted that “Weis is currently the highest valued supermarket in the stock market, despite negative organic growth, declining gross and EBITDA margins, among the worst returns on capital in the industry, poor governance, and limited information provided by management.” Among other issues, the Spruce Point report asserted that its analysis had disproved Weis’s claim that its “2017 sales growth was ‘primarily’ from acquisitions”, but instead “show[ed] that core grocery and pharmacy sales declined by 1.1%”; and that Weis’s April 2018 announcement of “a new $101m capex plan to invest in growth”, including the opening of two new stores, “did not disclose to investors that [Weis] would close three stores, resulting in unit stores declining by 1 in 2018.” Following publication of the Spruce Point report, Weis’s stock price fell sharply during intraday trading on September 5, 2018.
If you are aware of any facts relating to this investigation, or purchased Weis shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/wmk. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org