Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Inventure Foods, Inc. (SNAK)


NEW YORK, May 13, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Inventure Foods, Inc. (“Inventure” or the “Company”) (Nasdaq:SNAK) on behalf of purchasers of Inventure common stock pursuant or traceable to its stock offering (the “Offering”) commenced on or about September 17, 2014, alleging violations of the Securities Exchange Act of 1933 against the Company, the sponsors of the Offering, and certain of the Company’s officers.

According to the Complaint, the documents filed in connection with the Offering contained materially false and misleading statements and/or failed to disclose that the Company’s Jefferson Facility was in need of capital improvements and corrective actions to rectify unsanitary conditions that are known to breed dangerous bacteria and that violated federal law.  Documents titled “Fresh Frozen Foods Destroyed Products” produced by the Department of Agriculture indicate that the unsafe conditions that can cause food contamination existed at the Jefferson Facility as early as April 2014, a full five months prior to the Offering.

On April 23, 2015, the Company issued a press release announcing that it initiated a recall of certain varieties of it Fresh Frozen™ line of frozen vegetables, as well as select varieties of its Jamba “At Home” line of smoothie kits, due to the Jefferson Facility testing positive for Listeria.  On this news, shares of Inventure dropped over 24% in the following days, closing at $8.71 per share on April 24, 2015, on heavy trading volume.   

If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.