NEW YORK, April 1, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan, P.C. announces that class action lawsuits have been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Amira Nature Foods Ltd. ("Amira" or the "Company") (NYSE:ANFI) common stock during the period between September 27, 2012 and February 9, 2015 (the "Class Period"). The complaints allege violations of the Securities Exchange Act of 1934 and the Securities Act of 1933.
If you purchased Amira during the Class Period, you may, no later than April 13, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Amira Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
Amira is engaged in processing, distributing, and marketing packaged specialty rice and other food products.
The complaints allege that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse facts about the Company's business and future operations, prospects and performance. Specifically, during the Class Period: (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; and (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.
On February 9, 2015, Prescience Point Research Group released a report containing these allegations. Following the report, the price of Amira's stock fell $3.45, more than 25%, to close at $9.95.
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