Chipotle investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Chipotle owns and operates quick-serve Mexican restaurants throughout the United States.
The Class Period commences on February 5, 2016, when Chipotle filed an annual report on Form 10-K, announcing the company’s financial and operating results for the quarter and fiscal year ended December 31, 2015.
The complaint alleges that, on July 18, 2017, media outlets reported that Chipotle had closed a restaurant in Sterling, Virginia due to a suspected norovirus outbreak. According to Business Insider, citing information from iwaspoisoned.com, a website on which consumers document suspected incidents of foodborne illness, at least 13 customers fell ill after eating at the Chipotle restaurant in question between July 14 and July 15.
Following this news, Chipotle’s share price fell $17.02, or 4.34%, to close at $374.98 on July 18, 2017.
Then, on July 20, 2017, The Wall Street Journal published an article entitled “Over 100 Report Being Sickened at Virginia Chipotle,” disclosing that the number of reports of illness associated with the restaurant-chain continue to rise. On that same day, Reuters published an article entitled “Chipotle Virginia customer tested positive for norovirus – official,” reporting that a county health department official has confirmed norovirus in a customer who ate at the Virginia Chipotle restaurant. Later in the day, CNBC published an article entitled “Rodents reportedly fall from ceiling of Dallas Chipotle,” reporting that rodents were spotted at a Dallas-area Chipotle on July 19, 2017.
Following these disclosures, Chipotle’s share price fell $16.78, or 4.5%, to close at $356.05 on July 20, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Chipotle’s purported improvements in its restaurants’ food safety policies were inadequate; (ii) accordingly, Chipotle’s quality controls were still not in compliance with applicable consumer and workplace safety regulations; (iii) in turn, Chipotle’s quality controls remained inadequate to safeguard consumer and employee health; and (iv) as a result of the foregoing, Chipotle’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than September 18, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com