STEVENSON, Md., March 4, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Amira Nature Foods, Ltd. ("Amira" or the "Company") (NYSE:ANFI) securities during the period between September 27, 2012 and February 9, 2015, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until April 13, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Amira securities purchased on or after September 27, 2012 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 for failure to disclose material information during the Class Period, including that 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, and concealing that many of its counterparties are related parties, including its largest customer, one of its largest suppliers, a potential counterparty to a $30 million transaction, and over a dozen others. Additionally, the complaint alleges that 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 partially disclosed on two occasions, on April 2, 2013, after the market closed, 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. As a result of the April 2, 2013 and February 9, 2015 disclosures, the value of Amira shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.