Glancy Binkow & Goldberg LLP Files Class Action Shareholder Lawsuit Against Yum! Brands, Inc. -- YUM
LOS ANGELES, Jan. 29, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Yum! Brands, Inc. ("Yum" of the "Company") (NYSE:YUM), has filed a shareholder lawsuit in the United States District Court for the Central District of California on behalf of a class (the "Class") comprising all persons or entities who purchased Yum securities between October 9, 2012 and January 7, 2013, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email at email@example.com.
YUM, together with its subsidiaries, operates quick service restaurants in the United States and internationally under the KFC, Pizza Hut and Taco Bell brands. On November 23, 2012 reports in the Chinese media disclosed that certain of the Company's chicken suppliers had been feeding toxic chemicals to chickens sold to KFC China. On December 20 and 21, 2012 news outlets reported that the Company knew well before October 2012, but sought to conceal, that certain chicken suppliers in China had injected chickens with excessive antibiotics and other illegal chemicals.
Then, on January 7, 2013, in a filing with the SEC the Company lowered its China Division's full-year 2012 guidance for same-store sales, due to publicity surrounding the Chinese government's review of Yum's poultry supply. As a result of these disclosures, on January 8, 2013 Yum shares dropped 5%, from $67.89 per share to as low as $64.40 per share.
The Complaint alleges that throughout the Class Period the defendants misrepresented and/or failed to disclose that: (1) slowing economic trends in China were stronger than reported and could not support Yum's China Division's forecasted sales results or the Company's increased earnings-per-share growth; (2) defendants knew but failed to disclose that the Company's own food safety inspections had already discovered high levels of antibiotics and other illegal drugs and/or chemicals in chickens purchased from a Chinese supplier -- Shandong Liuhe Group; and (3) Yum had continued to buy products from Shandong Liuhe Group until as late as August 2012.
If you are a member of the Class described above, you may move the Court to serve as lead plaintiff no later than March 25, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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Source:Glancy Binkow & Goldberg LLP