NEW YORK, Feb. 10, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, announces that it has filed a class action lawsuit on behalf of purchasers of Amira Nature Foods, Ltd. Stock (NYSE:ANFI) between September 27, 2012 and February 9, 2015. The lawsuit seeks to recover damages for Amira investors under the federal securities laws.
To join the Amira class action, go to the website at http://rosenlegal.com/cases-506.html or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges: (a) Amira fraudulently overstated its Indian-produced basmati rice exports, thereby overstating revenues by at least 24% and 18.7% in FY 2013 and 2014, respectively; (b) Amira concealed that many of its counterparties are secretly related parties, including its largest customer, one of its largest suppliers, a potential counterparty to a $30 million transaction, and over a dozen others; (c) Amira's CEO used company money to pay his own personal household expenses, including salaries for a personal house manager and a chef for his farmhouse.
The lawsuit alleges that the truth was disclosed on two occasions, on April 3, 2013, causing its stock price to fall to $1.10 by April 5, or almost 20%, and on February 9, 2015, causing Amira's stock price to fall $3.45, or almost 26% from its previous close.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 13, 2015. If you wish to join the litigation go to http://rosenlegal.com/cases-506.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq., or Jonathan Horne, Esq., of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or jhorne@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.