Case:Sonic Corp.
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June 23, 2015 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating the Oklahoma City-based burger chain Sonic Corp (“Sonic”) (Nasdaq: SONC) for potential violations of the Federal Securities Laws. Purchasers of Sonic common stock between January 6, 2015 and June 22, 2015 may be affected. 

Starting on January 6, 2015, Sonic repeatedly represented that it anticipated opening between 50-60 new drive-in stores for fiscal 2015 (ending August 31, 2015).  As recently as June 9, 2015 at a William Blair Investors’ Conference, Sonic represented that it anticipated opening 34 to 44 new drive-in opening during the third and fourth fiscal quarters, indicating that the Company continued to be on track to open 50-60 new stores in fiscal 2015.

On June 22, 2015, after the close of trading, Sonic investors learned that the Sonic will open fewer franchised restaurants this year than it had planned.  The Company disclosed that about 22 to 27 new franchised restaurants will be opened in the fourth fiscal quarter and that the Company would miss its goal for 50 to 60 new stores.

On June 23, 2015, Sonic shares declined $3.51 per share on heavier than usual volume, a decline of approximately 10%, to close at $30.71 per share.

If you purchased Sonic common stock between January 6, 2015 and June 22, 2015 and would like to discuss our investigation, please contact us by e-mailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by calling 800-290-1952.

 

 

Attorneys: Jeffery P. Campisi