STEVENSON, Md., Jan. 12, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Chipotle Mexican Grill, Inc. (NYSE: CMG ) (“Chipotle” or the “Company”) securities during the period between February 4, 2015 and January 5, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 8, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Chipotle securities purchased on or after February 4, 2015 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Chipotle’s quality controls were not in compliance with applicable consumer and workplace safety regulations and inadequate to safeguard consumer and employee health.
According to the complaint, following: (1) the August 5, 2015 disclosure that approximately 100 patrons and employees of a Chipotle restaurant in Simi Valley, California became ill; (2) the September 4, 2015 announcement by the Ventura County Environmental Health Division that the illnesses were a norovirus outbreak and that the restaurant in question contained dirty and inoperative equipment, equipment directly linked to the sewer, and other sanitary and health violations; (3) the disclosure that between August 19 and September 3, 2015, approximately 64 people fell ill after dining at Chipotle restaurants in Minnesota announced on September 17, 2015 by the Minnesota Department of Health that the illnesses were salmonella linked to tomatoes consumed at 22 Chipotle locations; (4) the disclosure that on or around November 1, 2015, Chipotle closed all of its restaurants in Portland, Oregon and Seattle, Washington, following reports of approximately 20 cases of E. coli by Chipotle patrons; (5) the disclosure that beginning on or around December 2, 2015, more than 140 Boston College students fell ill after dining at a Chipotle restaurant in Brighton, Massachusetts after which on December 9, 2015, health officials confirmed that the students had contracted norovirus; and (6) the January 6, 2016 announcement that the Company was served in December 2015 with a federal grand jury subpoena as part of a criminal investigation tied to the previous summer’s norovirus outbreak at the Company’s restaurant in Simi Valley and that the investigation is being conducted by the U.S. Attorney's Office for the Central District of California in conjunction with the Food and Drug Administration, the value of Chipotle shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
