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Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Chipotle Mexican Grill Inc


Saturday, 15 Sep 2012 06:00pm EDT 

The Law Offices of Todd M. Garber announced that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of a class (the “Class”) consisting of all persons or entities who purchased the common stock of Chipotle Mexican Grill Inc between February 1, 2012 and July 19, 2012, inclusive (the Class Period). The Complaint alleges that the Company and certain of its executive officers misrepresented and/or failed to disclose material adverse facts concerning Chipotle’s business and financial prospects, including that: (1) Chipotle did not have the pricing power to implement price increases sufficient to offset rising food costs, and as a result the Company’s margins would be under pressure as Chipotle would be unable to pass through these commodity costs to consumers; (2) demand for Chipotle was slowing due to the economy and increased competition, and could not support the Company’s aggressive 2012 earnings forecasts; and (3) Chipotle was experiencing a deceleration of growth as it was becoming a mature company. As a result of this news, on July 20, 2012 the price of Chipotle stock dropped 22% -- the largest one-day stock decline in the Company’s history. 

Company Quote

677.0
2.64 +0.39%
1:11pm EDT