An investigation on behalf of investors in Amira Nature Foods Ltd (NYSE:ANFI) shares over potential wrongdoing at Amira Nature Foods was announced and NYSE:ANFI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/08/2015 -- An investigation for current long-term investors in NYSE:ANFI shares was announced over potential breaches of fiduciary duties by certain Amira Nature Foods directors.
Investors who purchased shares of Amira Nature Foods Ltd (NYSE:ANFI) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm concerns whether certain Amira Nature Foods directors breached their fiduciary duties and caused damage to the company and its shareholders.
On February 9, 2015, a third-party analyst firm issued a report on Amira Nature Foods Ltd. Among other things, the Report charged that Amira Nature Foods Ltd had overstated its India-produced Basmati rice revenue by at least 116.9% in 2014, citing Indian government reports on Basmati rice exports, that Amira Nature Foods Ltd had engaged in material related-party transactions, including with its largest distributor, one of its largest suppliers, and a company from which Amira Nature Foods Ltd intended to buy $30 million of land, and that Amira Nature Foods Ltd's CEO Karan Chanana used company resources for personal use, including to pay salaries for household help.
Shares of Amira Nature Foods Ltd (NYSE:ANFI) declined from $13.99 per share on February 6, 2015, to as low as $7.41 per share on February 10, 2015.
On February 10, 2015 a lawsuit was filed against Amira Nature Foods Ltd over alleged securities laws violations. The plaintiff claims that Amira Nature Foods Ltd allegedly fraudulently overstated its Indian-produced basmati rice exports, thereby overstating revenues by at least 24% and 18.7% in FY 2013 and 2014, respectively, that Amira Nature Foods Ltd allegedly 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 that Amira Nature Foods Ltd'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 August 19, 2015, Amira Nature Foods Ltd revealed that it terminated Deloitte Haskins & Sells LLP ("Deloitte") as its independent registered public accounting firm. Prior to its termination, Deloitte requested the Audit Committee to retain independent external forensic investigators to conduct an investigation into: (1) the issues raised in a short seller report dated July 30, 2015 and (2) other transactions identified by Deloitte in connection with its incomplete audit of the Company's financial statements for the year ended March 31, 2015. Shares of Amira Nature Foods Ltd (NYSE:ANFI) declined to as low as $2.51 per share on August 20, 2015.
On September 4, 2015, NYSE:ANFI shares closed at $3.96 per share.
Those who purchased shares of Amira Nature Foods Ltd (NYSE:ANFI) have certain options and should contact the Shareholders Foundation.
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