EL POLLO LOCO HOLDINGS, INC. SHAREHOLDER REMINDER: Kessler Topaz Meltzer & Check, LLP Reminds El Pollo Loco Holdings, Inc. Shareholders of Class Action Lawsuit - LOCO
RADNOR, Pa., Oct. 7, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds shareholders of El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) ("El Pollo Loco" or the "Company") that a class action lawsuit has been filed on behalf of purchasers of the Company's securities between May 15, 2015 and August 13, 2015, inclusive (the "Class Period").
El Pollo Loco shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at [email protected]. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/el-pollo-loco-holdings-inc.
The complaint alleges that El Pollo Loco and certain of its executive officers made a series of false and misleading statements and/or failed to disclose material adverse information about El Pollo Loco's business and prospects during the Class Period, 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 the 3 – 5% that defendants had led investors to believe they would grow in the second quarter of 2015.
On August 13, 2015, El Pollo Loco issued a press release announcing its second quarter 2015 results. Therein, the Company disclosed that, contrary to its prior claims of being on track to achieve a 3–5% comparable store sales increase, 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."
Following this news, shares of El Pollo Loco's stock declined by $3.80 per share, or over 20 percent, to close the following day at $14.56 per share, on heavy trading volume.
Shareholder Reminder: El Pollo Loco shareholders who purchased their securities during the Class Period are reminded that they may, no later than October 23, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article