WAYNE, Pa., Aug. 28, 2015 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in the United States District Court for the Central District of
California on behalf of purchasers
of El Pollo Loco Holdings, Inc. ("El Pollo Loco") (NASDAQ: LOCO)
common stock during the period between May
15, 2015 and August 13, 2015,
inclusive (the "Class Period").
El Pollo Loco shareholders may, no later than October 23, 2015, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
El Pollo Loco and would like to learn more about these claims or if
you wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/loco.
The complaint charges El Pollo Loco, certain of its officers and
directors and certain of its controlling shareholders with
violations of the Securities Exchange Act of 1934. El Pollo
Loco develops, franchises, licenses, and operates quick-service
restaurants in the United
States.
The complaint alleges that during the Class Period, defendants
made false and misleading statements and/or failed to disclose
adverse information about El Pollo Loco'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. As a result of these false and misleading statements
and/or omissions, El Pollo Loco securities traded at artificially
inflated prices during the Class Period, with the Company's stock
price reaching a high of $25.37 per
share.
After the close of trading on August 13,
2015, the Company issued a release announcing its second
quarter 2015 results for the three-month period ended July 1, 2015. El Pollo Loco disclosed that
contrary to defendants' prior claims of being on track to achieve
3%-5% comparable store sales increases, second quarter 2015
"[s]ystem-wide comparable restaurant sales [had grown] 1.3%,
including a 0.5% decrease for company-operated restaurants, and a
2.6% increase for franchised restaurants." On this news, the
price of El Pollo Loco's shares declined by 20% from its closing
price of $18.36 per share on
August 13, 2015, to $14.56 per share on August
14, 2015.
If you are a member of the class, you may, no later than
October 23, 2015, request that the
Court appoint you as lead plaintiff of the class. 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.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide. To learn more
about the class action process, please visit:
www.rmclasslaw.com.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/loco
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP