SNAK INVESTOR ALERT: Hagens Berman Reminds Inventure Foods, Inc. (NASDAQ: SNAK) Investors of Securities Class Action and Ongo...
May 31 2016 - 8:30AM
The following statement is being issued by Hagens Berman Sobol
Shapiro LLP:
To: All persons or entities who purchased or
otherwise acquired securities of Inventure Foods,
Inc. (“Inventure” or the “Company") (NASDAQ:SNAK)
pursuant to or traceable to Inventure’s September 17, 2014
stock offering.
If you suffered significant losses in
SNAK, contact Hagens Berman Sobol Shapiro LLP
partner Reed Kathrein, who is leading the firm’s investigation
by calling 510-725-3000,
emailing SNAK@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/SNAK. In addition to claims
alleged in the pending litigation, Hagens Berman is investigating
whether there are other violations of the Federal securities laws
prior to April 24, 2015.
The current litigation concerns misrepresentations about
Inventure’s Jefferson, Georgia food packaging facility, its need
for capital improvements, and its need for corrective actions
necessary to guard against unsanitary conditions and comply with
Federal law.
The Georgia Department of Agriculture Food Safety Division
inspected the Jefferson facility on October 22, 2014, identifying
unsafe and unsanitary conditions that “may cause contamination of
food being processed[.]”
Inventure provided a plan to the agency on November 17, 2014
promising to ensure the bag storage room was thoroughly clean and
eliminate standing water. But, in a complaint submitted to
the U.S. Food and Drug Administration on March 2, 2015, the
complainant reported concerns that vegetables went through mold
contaminated machinery and bacterial growth resulted from standing
water.
On April 23, 2015, Inventure announced a recall of certain food
products because its Jefferson facility tested positive for
Listeria. On this news the price of Inventure’s stock fell
nearly 19% to close at $9.40 per share that day.
“Inventure knew no later than October 2014 that its Jefferson
facility had huge problems,” said Hagens Berman partner Reed
Kathrein. “Its April 2015 disclosures demonstrate it did not
remediate them, and as a result Inventure investors suffered
enormous losses.”
Whistleblowers: Persons with non-public
information regarding Inventure should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email SNAK@hbsslaw.com.
About Hagens Berman Hagens Berman is a national investor-rights
law firm headquartered in Seattle, Washington with offices in 10
cities. The Firm represents investors, whistleblowers, workers and
consumers in complex litigation. More about the Firm and its
successes can be found at www.hbsslaw.com. Read the Firm’s
Securities Newsletter, and visit the blog. For the latest news
visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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