Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Chipotle Mexican Grill, Inc.
Sunday, September 02, 2012
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Chipotle Mexican Grill, Inc.19:00 EDT Sunday, September 02, 2012 LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of a class (the “Class”) comprising all purchasers of the common stock of Chipotle Mexican Grill, Inc. (“Chipotle” or the “Company”) (NYSE:CMG) between February 1, 2012 and July 19, 2012 (the “Class Period”). Chipotle develops and operates fast-casual, fresh Mexican food restaurants in the United States, Canada, the United Kingdom and France. The Complaint alleges that the Company and certain of its executive officers misrepresented and/or failed to disclose material adverse facts concerning Chipotle's business and financial prospects, including that: (1) 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 through these commodity costs to consumers; (2) demand for Chipotle was slowing due to the economy and increased competition, and could not support the Company's aggressive 2012 earnings forecasts; and (3) Chipotle was experiencing a deceleration of growth as it was becoming a mature company. As a result of this news, on July 20, 2012 the price of Chipotle stock dropped 22% -- the largest one-day stock decline in the Company's history. If you are a member of the above-described Class, you have certain rights, and have until October 16, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member. To learn more, or if you 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, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg310-201-9150 or email@example.com