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| [February 23, 2013] |
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Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Yum! Brands, Inc.
LOS ANGELES --(Business Wire)--
The Law Offices of Todd M. Garber announces that a class action lawsuit
has been filed in the United States District Court for the Central
District of California on behalf of a class (the "Class") comprising all
purchasers of the securities of Yum! Brands, Inc. ("Yum" or the
"Company") (NYSE:YUM) between October 9, 2012 and January 7, 2013,
inclusive (the "Class Period"). 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.
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
forecasted sales results for Yum's China Division or the Company's
increased earnings-per-share growth; (2) defendants knew but concealed
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.
On January 7, 2013, in a filing with the SEC (News - Alert), 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.
If you are a member of the above-described Class, you may move the Court
no later than March 25, 2013 to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class you
need not take any action at this time, or you may retain counsel of your
choice. If you have information or would like to learn more about these
claims, or if you have any questions concerning this announcement or
your rights or interests with respect to these matters, please contact
Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by
telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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