Press release from Business Wire
Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Yum! Brands, Inc.
Saturday, January 26, 2013
Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Yum! Brands, Inc.14:30 EST Saturday, January 26, 2013 Law Offices of Howard G. Smith announces that it is investigating potential claims against Yum! Brands, Inc. (“Yum” of the “Company”) (NYSE:YUM) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company between October 9, 2012 and January 7, 2013, regarding the Company's business and financial prospects were false and misleading. YUM, together with its subsidiaries, operates quick service restaurants in the United States and internationally under the KFC, Pizza Hut and Taco Bell brands. BENSALEM, Pa. (Business Wire) -- The investigation is related to Chinese media reports in November 2012 stating 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 Yum knew well before October 2012 that certain chicken suppliers in China had injected chickens with excessive antibiotics and other illegal chemicals but sought to conceal these facts. On January 7, 2013, in a filing with the Securities and Exchange Commission the Company lowered its China Division's full-year 2012 guidance for same-store sales, due to publicity surrounding a review of Yum's poultry supply by the Chinese government. As a result of this news, on January 8, 2013 Yum shares dropped 5%, from $67.89 per share to as low as $64.40 per share. If you purchased Yum securities between October 9, 2012 and January 7, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com. Law Offices of Howard G. SmithHoward G. Smith, Esquire215email@example.com