Amira Nature Foods Ltd Announces the Court Granted Its Motion to Dismiss Class Action Lawsuit
August 22 2016 - 8:00AM
Business Wire
Amira Nature Foods Ltd (NYSE: ANFI) (the "Company"), a leading
global provider of branded packaged specialty rice, announced today
that the court granted the Company’s motion to dismiss class action
lawsuit.
In February 2015, two proposed shareholder class action lawsuits
were filed against Amira Nature Foods Ltd in the United States
District Court for the Central District of California. The
complaints, which were subsequently consolidated, (the “Class
Action”) named as defendants the Company and certain of its current
and former officers and directors. The Class Action purported to
state claims for violation of Section 11 and Section 15 of the
Securities Act and Section 10(b) and Section 20(a) of the Exchange
Act.
The Company contested the allegations in the Class Action and on
October 22, 2015, filed a Motion to Dismiss the Class Action, as
amended.
On July 18, 2016 the Court granted the Company’s Motion to
Dismiss the Class Action in its entirety and provided Plaintiffs
with a deadline of August 4, 2016, to re-file an amended complaint
which Plaintiffs failed to do.
About Amira Nature Foods Ltd
Founded in 1915, Amira has evolved into a leading global
provider of branded packaged specialty rice, including Basmati and
other food products, with sales across five continents around the
world. The Company primarily sells Basmati rice, which is a premium
long-grain rice grown only in the geographically indicated region
of the Indian sub-continent, under its flagship Amira brand as well
as under other third party brands. Amira sells its products through
a broad distribution network in both the developed and emerging
markets. The Company’s global headquarters are in Dubai, United
Arab Emirates, and it also has offices in India, Malaysia,
Singapore, Germany, the United Kingdom, and the United States.
Amira Nature Foods Ltd is listed on the New York Stock Exchange
(NYSE) under the ticker symbol “ANFI.”
For more information, please visit www.amira.net
Safe Harbor for Forward-Looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by words or
phrases such as “may,” “will,” “except,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“future” or other similar expressions. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy and financial needs. There is no assurance that
our current expectations and projections are accurate. These
forward-looking statements include, but are not limited to:
- our goals and strategies;
- our operations and expansion
plans;
- our future business development,
results of operations, financial condition and financial
statements;
- our ability to protect our intellectual
property rights;
- projected revenue, profits, earnings
and other estimated financial information;
- our ability to maintain strong
relationships with our customers and suppliers;
- the continued application of the
proceeds from our initial public offering (“IPO”);
- governmental policies regarding our
industry; and
- the impact of legal proceedings.
We would like to caution you not to place undue reliance on
forward-looking statements and you should read these statements in
conjunction with the risk factors disclosed in “Risk Factors”
appearing in the Annual Report. Those risks are not exhaustive. We
operate in a rapidly evolving environment. New risk factors emerge
from time to time, and it is impossible for our management to
predict all risk factors, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ from
those contained in any forward-looking statement. We do not
undertake any obligation to update or revise the forward-looking
statements except as required under applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160822005471/en/
For Investor Inquiries:Amira Nature Foods LtdBruce Wacha,
646-779-1984Chief Financial
Officerbruce.wacha@theamiragroup.com
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