Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against El Pollo Loco Holdings, Inc.
Oklahoma City, OK (August 26, 2015) – On August 24, 2015, a securities class action lawsuit was filed in the United States District Court for the Central District of California against El Pollo Loco Holdings, Inc. (NASDAQ: LOCO). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 15, 2015 through August 13, 2015. More specifically, this litigation was filed because failed to disclose adverse information about the Company’s business and prospects, including that traffic at the Company’s stores had declined substantially due to the removal of the value items form the restaurants’ menu, and that consequently, comparable store sales were not increasing at 3%, much less than the 3% to 5% the defendants had led investors to believe they would grow in the second quarter of 2015. The Company issued a press release on August 13, 2015 disclosing this information. On this news, the Company’s shares declined to close at $14.56 per share.
Plaintiff seeks to recover damages on behalf of all El Pollo Loco Holdings, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, October 23, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Wed, August 26, 2015
by Robin Hester filed under