Glancy Binkow & Goldberg LLP Announces That a Class Action Lawsuit Against Chipotle Mexican Grill, Inc. Has Been Filed and the Lead Plaintiff Deadline is October 16, 2012
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been commenced 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, inclusive (the “Class Period”). Chipotle shareholders who purchased during the Class Period have until October 16, 2012 to file a motion with the court to serve as lead plaintiff.
The Complaint alleges violations of federal securities laws against Chipotle and certain of the Company's executive officers. Chipotle develops and operates fast-casual, fresh Mexican food restaurants in the United States, Canada, the United Kingdom and France. The Complaint alleges that throughout the Class Period the defendants 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.
The Private Securities Litigation Reform Act of 1995 (“PSLRA”) requires the Court to appoint a “Lead Plaintiff” in this case. Any person or group who suffered a loss as a result of purchasing Chipotle common stock between February 1, 2012 and July 19, 2012 may ask the Court to be appointed as Lead Plaintiff but must file a motion no later than the October 16, 2012 deadline and must meet certain legal requirements. Your ability to share in any recovery doesn't require that you serve as a Lead Plaintiff. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member.
If you wish to learn more about this action or 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.
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