NEW YORK, June 12, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP announces that a securities class action lawsuit has
been filed on behalf of those who purchased or acquired the
securities of Pyxus International Inc., ("Pyxus" or the "Company")
(NYSE: PYX) from June 7, 2018,
through November 18, 2018, inclusive
(the "Class Period"). The lawsuit alleges claims under the
Securities Exchange Act of 1934 and seeks to recover Pyxus
shareholders' investment losses.
If you purchased Pyxus securities, and/or would like to
discuss your legal rights and options please visit Pyxus PYX
Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose: (1) that the Company was experiencing longer shipping
cycles; (2) that, as a result, the Company's financial results
would be materially affected; (3) that the Company lacked adequate
internal control over financial reporting; (4) that the Company's
accounting policies were reasonably likely to lead to regulatory
scrutiny; and (5) that, as a result of the foregoing, Defendants'
positive statements about the Company's business, operations, and
prospects were materially misleading and/or lacked a reasonable
basis.
On November 8, 2018, the Company
disclosed that sales declined approximately 12% year-over-year due
to the timing of shipments and the larger crop last year in
South America. On this news, the
Company's share price fell $7.01, or
nearly 28%, to close at $18.26 on
November 8, 2018, on unusually heavy
trading volume. On November 9, 2018,
the SEC announced that the Company had settled charges that it had
materially misstated financial statements with the Commission from
at least 2011 through the second quarter of 2015 due to improper
and insufficient accounting, processes, and control activities for
inventory, deferred crop costs, and revenue transactions in
Africa. On this news, the
Company's share price fell $2.88, or
nearly 16%, to close at $15.38 on
November 9, 2018, on unusually heavy
trading volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than August 6, 2019. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
If you purchased Pyxus securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/pyxusinternationalinc-pyx-shareholder-class-action-lawsuit-fraud-stock-142/ or
contact Matthew E.
Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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