Securities Class Action Filed Against Amira Nature Foods Ltd.
Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges, in part, that: (1) Amira fraudulently overstated its Indian-produced basmati rice exports, thereby overstating revenues in 2013 and 2014; (2) Amira concealed that many of its counterparties are secretly related parties, including its largest customer, a potential counterparty to a $30 million transaction to buy land, and over a dozen others; and (3) Amira’s Chief Executive Officer 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 plummeted by more than 25%. Filed in C.D. Cal.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 4/13/2015.
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