Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Amira Nature Foods Ltd.
Oklahoma City, OK (February 12, 2015) – On February 10, 2015, a securities class action lawsuit was filed in the United States District Court for the Central District of California against Amira Nature Foods Ltd. (NYSE: ANFI) (“Amiira”). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, from Amira’s initial public offering, or who purchased common stock between September 27, 2012 through February 9, 2015. More specifically, the litigation was filed because Amira failed to disclose material adverse facts about Amira’s business, operations, and financial performance and prospects. Specifically, defendants misrepresented or failed to disclose related-party transactions and overstated the Company’s revenues. As a result, the Company’s financial statements were false and misleading during the Class Period.
On February 9, 2015, a report was issued by the analyst firm Prescience Point Research Group highlighting Amira’s overstatement of revenues and related-party transactions. Among other things, the report alleges that Amira overstated its India-produced Basmati rice revenue by more than 116% in 2014 and engaged in material, undisclosed related-party transactions, some of which benefited the Company’s chief executive officer and his family at the expense of shareholders. On this news, Amira stock declined.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, February 12, 2015
by Robin Hester filed under