SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Amira Nature Fo...
February 12 2015 - 4:24PM
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 Central
District of California on behalf of purchasers of Amira Nature
Foods, Ltd. ("Amira" or the "Company") (NYSE:ANFI) securities
during the period between September 27, 2012 and February 9, 2015,
inclusive (the "Class Period"). Investors who wish to become
proactively involved in the litigation have until April 13, 2015 to
seek appointment as lead plaintiff.
If you have suffered a loss from investment in Amira securities
purchased on or after September 27, 2012 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 and how much of a settlement to accept 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 and the Securities Act of 1933 for
failure to disclose material information during the Class Period,
including that Amira fraudulently overstated its Indian-produced
basmati rice exports, thereby overstating revenues by at least 24%
and 18.7% in FY 2013 and 2014, respectively, and concealing that
many of its counterparties are related parties, including its
largest customer, one of its largest suppliers, a potential
counterparty to a $30 million transaction, and over a dozen
others. Additionally, the complaint alleges that Amira's CEO
used company money to pay his own personal household expenses,
including salaries for a personal house manager and a chef for his
farmhouse.
The lawsuit alleges that the truth was partially disclosed on
two occasions, on April 2, 2013, after the market closed, causing
its stock price to fall to $1.10 by April 5, or almost 20%, and on
February 9, 2015, causing Amira's stock price to fall $3.45, or
almost 26% from its previous close. As a result of the April
2, 2013 and February 9, 2015 disclosures, the value of Amira 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
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