NEW YORK, Feb. 6, 2015 (GLOBE NEWSWIRE) -- Rosen Law Firm reminds purchasers of Calavo Growers, Inc. common stock (Nasdaq:CVGW) between March 9, 2012 and January 15, 2015, of the important March 23, 2015 lead plaintiff deadline in the class action.
To join the Calavo class action, visit the firm's website at http://www.rosenlegal.com/cases-480.html, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The case is pending the 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 CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, the Company made false and/or misleading statements and/or failed to disclose that: (i) it failed to maintain accurately valued contingent consideration in connection with an acquisition; (ii) it overstated its non-cash operating expenses; (iii) it lacked adequate internal controls over financial reporting; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On January 15, 2015, the Company announced it will record a non-cash charge which it will now treat as an amortization expense totaling $88.9 million before tax related to the misstatement in its treatment of contingent consideration. On this news, shares of Calavo Growers fell $4.72 per share or over 9% to close at $43.07 per share on January 15, 2015, damaging investors.
If you wish to join the litigation go to http://www.rosenlegal.com/cases-480.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.