Violations of federal securities laws as a result of a series of materially false statements. According to the Complaint, the Company made false and/or misleading statements and/or failed to disclose that it: (i) failed to maintain accurately valued contingent consideration in connection with an acquisition; (ii) overstated its non-cash operating expenses; (iii) lacked adequate internal controls over financial reporting; and (iv) as a result of the above, Calavo Growers' 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. Filed in C.D. Cal.
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