SOURCE: Brower Piven, A Professional Corporation

October 31, 2011 17:36 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Central European Distribution Corp. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 23, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Oct 31, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of the common stock Central European Distribution Corp. of ("CEDC" or the "Company") (NASDAQ: CEDC) during the period between August 5, 2010 and February 28, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Central European Distribution Corp. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 23, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that CEDC had double digit declines in its vodka portfolio, that it suffered an increasing loss of market share in Poland from competition with discounters, that CEDC failed to record a timely impairment charge and that the significant cost for rebates given to promote Zubrowka Biala, the Company's new vodka product, was adversely effecting CEDC's gross margins. According to the complaint, after, on March 1, 2011, the Company disclosed results for the full year 2010, reporting a net loss from continuing operations for the year of $92.9 million, or $1.32 per fully diluted share, as compared to a net profit of $72.7 million, or $1.35 per fully diluted share, for the same period in 2009, and that an excise tax dispute with Russian authorities resulted in two weeks of limited production runs, with one week having no production, the value of CEDC stock declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact