NEW YORK, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Casey's General Stores, Inc. ("CASY" or the "Company"). Such investors are advised to contact Francis P. McConville at fmcconville@pomlaw.com or 888-476-6529, ext. 223.
The investigation concerns whether CASY and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On November 24, 2014, the Company revealed that it had discovered a $30 million error in its income taxes related to tax credits on ethanol that is blended into gasoline. The Company said it paid the IRS $30.4 million in taxes and $1.1 million in interest to correct the error and will revise its financial statements from fiscal 2012, 2013 and 2014 as well as the first quarter of its current fiscal year. CASY said it found the error during a routine IRS examination and voluntarily reported it to the government.
On this news, shares of CASY stock fell $7.55 (8.60%) per share to $80.32 per share during intraday trading on November 25, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.