El Pollo LoCo Holdings Inc (NASDAQ: LOCO) Investor Securities Class Action Lawsuit 08/24/2015

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Company Name(s): 
El Pollo LoCo
Case Name: 
El Pollo Shareholder Class Action Lawsuit 08/24/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: LOCO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/24/2015
Class Period Begin: 
05/15/2015
Class Period End: 
08/13/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
10/23/2015
Date Settled: 
05/15/2019
Settlement Amount: 
$20,000,000
Deadline to Participate in Settlement: 
08/06/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

May 15, 2019 - The court preliminarily approved the settlement.

April 03, 2019 - Parties filed a stipulation of settlement.

August 4, 2017 - The court denied defendants' motion to dismiss with prejudice.

May 17, 2017 - Defendants filed a motion to dismiss.

April 17, 2017 - The lead plaintiff filed another amended consolidated complaint.

March 20, 2017 - The court granted defendants' motion to dismiss with leave to amend.

October 21, 2016 - Defendants filed a motion to dismiss.

August 22, 2016 - The lead plaintiff filed a second amended consolidated complaint.

July 25, 2016 - The court granted defendants' motion to dismiss without prejudice and with leave to amend.

March 28, 2016 - Defendants filed a motion to dismiss.

January 29, 2016 - The lead plaintiff filed an amended consolidated complaint.

October 23, 2015 - Lead plaintiff motions were filed.

August 24, 2015 - An investor in shares of El Pollo LoCo Holdings Inc (NASDAQ: LOCO) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by El Pollo LoCo Holdings Inc in connection with certain allegedly false and misleading statements made between May 15, 2015 and August 13, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of El Pollo LoCo Holdings Inc (NASDAQ: LOCO) common shares between May 15, 2015 and August 13, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 15, 2015 and August 13, 2015 defendants made false and misleading statements and/or failed to disclose adverse information about El Pollo LoCo Holdings Inc's business and prospects, including that traffic at El Pollo Loco stores had declined substantially due to the removal of the value items from the restaurants' menu boards, and that as a result, comparable store sales were not growing at 3%, much less the 3% to 5% the defendants had led investors to believe they would grow in the second quarter of 2015.

The plaintiff alleges that as a result of these false and misleading statements and/or omissions, El Pollo LoCo Holdings Inc securities traded at artificially inflated prices between May 15, 2015 and August 13, 2015, with the Company's stock price reaching a high of $25.37per share.

On March 12, 2015, El Pollo LoCo Holdings Inc announced its fourth quarter and fiscal year 2014 financial results. El Pollo LoCo Holdings Inc reported that its Total Revenue rose from $314.73 million for the 52 weeks period that ended on December 25, 2013 to $344.86 million for the 53 weeks period that ended on December 31, 2014 and that its Net Loss of $16.87 million for the 52 weeks period that ended on December 25, 2013 turned into a Net Income of $42.46 million for the 53 weeks period that ended on December 31, 2014. Among other things, El Pollo LoCo Holdings Inc also issued its financial outlook for 2015.

On May 14, 2015, El Pollo LoCo Holdings Inc announced its first quarter 2015 financial results. El Pollo LoCo Holdings Inc reported that its first quarter revenue 2015 increased 11.2% to $84.7 million, from $76.2 million in the same period last year.

Then on August 13, 2015, El Pollo LoCo Holdings Inc announced its second quarter 215 financial results. El Pollo LoCo Holdings Inc reported that its second quarter revenue 2015 increased 2.7% to $83.6 million, from $81.4 million in the same period last year. However, El Pollo LoCo Holdings Inc updated its guidance for its fiscal year 2015. Shares of El Pollo LoCo Holdings Inc (NASDAQ: LOCO) declined from $37.70 per share in November 2014 to as low as $12.39 per share on August 20, 2015.