|[February 07, 2014]
FAIRWAY INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Fairway Group Holdings Corp. Following Disappointing Results, CEO Retirement and Analysts Downgrades
NEW ORLEANS --(Business Wire)--
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces
that KSF has commenced an investigation into Fairway Group Holdings
Corp. (Nasdaq: FWM).
On February 6, 2014, Fairway announced its results for the fourth
quarter of 2014, disclosing that it had a net loss of 74 cents per
share, a bigger loss than the 70-cent per share loss analysts expected,
and revenue of only $205.7 million, which was $2 million less than what
analysts expected. Additionally, Fairway's same-store sales declined by
1.7% due, in part, to a compressed holiday shopping period and the
beneficial impact of Sandy in the year earlier due to a pre- and
post-storm stock-up. Fairway also announced that its Chief Executive
Officer Herbert Ruetsch would retire after 15 years with the company,
including the last 2 ears as CEO. William Sanford, President of
Fairway, will assume the role of Interim-CEO.
On this news, Fairway was downgraded by multiple analysts, and the price
of its shares plummeted by 29%-from $11.43 on February 6 to $8.12 on
February 7, 2014.
KSF's investigation is focusing on whether Fairway and/or its officers
and directors violated state or federal securities laws.
If you have information that would assist KSF in its investigation, or
would like to discuss your legal rights, you may, without obligation or
cost to you, e-mail or call KSF Managing Partner Lewis Kahn (firstname.lastname@example.org)
or KSF Partner Melinda Nicholson (email@example.com)
toll free at 1-877-515-1850.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General
Charles C. Foti, Jr., is a law firm focused on securities class action
and shareholder derivative litigation with offices in New York and
Louisiana. KSF's lawyers have significant experience litigating complex
securities class actions nationwide on behalf of both institutional and
To learn more about KSF, you may visit www.ksfcounsel.com.
[ Back To Technology News's Homepage ]