The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Chipotle Mexican Grill, Inc. of Class Action Lawsuit and the Deadline of October 16, 2012 to Seek a Lead Plaintiff Position -- CMG
Published on Monday, 20 August 2012 14:56 Written by TradersHuddle Staff
NEW YORK, Aug. 20, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the District of Colorado on behalf of investors who purchased Chipotle Mexican Grill, Inc. (NYSE:CMG) securities between February 1, 2012 and July 19, 2012.
For more information, click here: http://zlk.9nl.com/chipotle-mexican-grill-cmg.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public, were as follows: (a) Chipotle did not have the pricing power to implement price increases sufficient to offset rising food costs and, as a result, the Company's margins would be under pressure as Chipotle would be unable to pass these commodity costs off to the consumers; (b) demand for Chipotle was slowing due to the economy and increased competition and could not support the Company's aggressive 2012 earnings forecasts; and (c) Chipotle was experiencing a deceleration of growth as it was becoming a mature company.
As a result of defendants' false statements, Chipotle stock traded at artificially inflated prices, reaching a high of $440.40 per share on April 13, 2012. On July 19, 2012, Chipotle announced its second quarter 2012 earnings results, reporting disappointing revenue results and cautious guidance for the year. On this news, Chipotle stock plunged $86.88 per share to close at $316.98 per share on July 20, 2012.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
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