SAN DIEGO, Feb. 2, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Calavo Growers, Inc. (CVGW) over alleged Federal Securities Laws Violations by Calavo Growers.
Investors who purchased a significant amount of shares of Calavo Growers, Inc. (Nasdaq:CVGW) between March 5, 2012 and January 14, 2015, and / or those who purchased any (Nasdaq:CVGW) shares prior to March 2012 and continue to hold any of those (Nasdaq:CVGW) shares have certain options and for certain investors are short and strict deadlines running. Deadline: March 23, 2015. (Nasdaq:CVGW) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between March 5, 2012 and January 14, 2015 Defendants allegedly made false and/or misleading statements and/or allegedly failed to disclose that Calavo Growers, Inc failed to maintain an accurately valued contingent consideration pursuant to its acquisition of Renaissance Food Group, LLC, that Calavo Growers, Inc overstated its non-cash operating expenses, that Calavo Growers, Inc lacked adequate internal controls over financial reporting, and that as a result of the above, Calavo Growers, Inc's financial statements were materially false and misleading at all relevant times.
On January 15, 2015, Calavo Growers, Inc. announced its fiscal 2014 fourth quarter and full year results. Calavo Growers also announced that it will restate its previously issued financial statements for the fiscal years ended October 31, 2013 and 2012 and the quarters therein, as well as the quarters ended January 31, 2014, April 30, 2014, and July 31, 2014. The restatements are attributable to a misstatement in Calavo Grower's treatment of contingent consideration in its acquisition of Renaissance Food Group, LLC in June 2011.
Shares of Calavo Growers, Inc. (CVGW) declined from $48.30 per share on January 14, 2015, to as low as $37.50 per share on January 16, 2015.
Those who purchased shares of Calavo Growers, Inc. (Nasdaq:CVGW) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.