NEW YORK, Feb. 20, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California against Amira Nature Foods Ltd. ("Amira" or the "Company") (NYSE:ANFI) on behalf of a class consisting of all persons or entities who purchased Amira securities between September 27, 2012 and February 9, 2015, inclusive (the "Class Period"). Investors with significant losses are encouraged to contact us immediately at (800) 575-0735 or email classmember@whafh.com.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose related party transactions and overstatement of revenues, rendering its financial statements false.
On February 9, 2015, third-party analyst firm Prescience Point Research Group issued a report on Amira (the "Prescience Report"). The Prescience Report charged that: 1) Amira had overstated its India-produced Basmati rice revenue by at least 116.9% in 2014, citing Indian government reports on Basmati rice exports; 2) Amira had engaged in material related-party transactions, including with its largest distributor, and one of its largest suppliers; and that 3) Amira CEO Karan Chanana used company resources for personal use, including the payment of salaries for household help.
On this news, shares of Amira fell $3.45 per share to $9.95, a drop of 26%.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Amira investigation."
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