Levi & Korsinsky announces the commencement of a class action lawsuit in the United States District Court for the Central District of California on behalf of shareholders of El Pollo Loco Holdings, Inc. (NASDAQGS: LOCO) who purchased shares between May 15, 2015 and August 13, 2015.
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 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. On August 13, 2015, El Pollo Loco issued a release announcing its second quarter 2015 results, disclosing that system-wide comparable restaurant sales had grown only 1.3% and reporting sales of just $89.5 million. Shares fell from a close of $18.36 per share on August 13, 2015, to a close of just $14.56 the following day. If you suffered a loss in El Pollo Loco you have until October 23, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you be a lead plaintiff.
To receive more information, please fill out the form.