A Deadline is coming up on March 23, 2015 in the lawsuit for investors in Calavo Growers, Inc. (NASDAQ:CVGW) and NASDAQ:CVGW stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/24/2015 -- A deadline is coming up on March 23, 2015 in the lawsuit filed for investors of Calavo Growers, Inc. (NASDAQ:CVGW) over alleged securities laws violations by Calavo Growers.
Investors who purchased shares of Calavo Growers, Inc. (NASDAQ:CVGW) have certain options and there are strict and short deadlines running. Deadline: March 23, 2015. NASDAQ:CVGW stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges on behalf of purchasers of Calavo Growers, Inc. (NASDAQ:CVGW) common shares between March 5, 2012 and January 14, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 5, 2012 and January 14, 2015 Defendants allegedly made false and/or misleading statements and/or failed to disclose that Calavo Growers, Inc failed to maintain an accurately valued contingent consideration pursuant to its acquisition of RFG, that Calavo Growers, Inc overstated its non-cash operating expenses, that Calavo Growers, Inc lacked adequate internal controls over financial reporting, and that as a result of the above, Calavo Growers, Inc's financial statements were materially false and misleading at all relevant times.
On January 15, 2015, Calavo Growers, Inc. announced its fiscal 2014 fourth quarter and full year results. Calavo Growers, Inc. said that its Total Revenue climbed to $782.50 million for the 12 months period that ended on October 31, 2014 from $691.50 million for the 12 months period that ended on October 31, 2013 and that its respective Net Income increased from $17.3 million to $25.00 million. In addition On January 15, 2015, Calavo Growers announced that it will restate its previously issued financial statements for the fiscal years ended October 31, 2013 and 2012 and the quarters therein, as well as the quarters ended January 31, 2014, April 30, 2014, and July 31, 2014. The restatements are attributable to a misstatement in Calavo Grower's treatment of contingent consideration in its acquisition of Renaissance Food Group, LLC in June 2011.
Shares of Calavo Growers, Inc. declined from $48.30 per share on January 14, 2015, to as low as $43.00 per share on January 15, 2015, respectively $37.50 per share on January 16, 2015.
On February 20, 2015, NASDAQ:CVGW shares closed at $42.78 per share.
Those who purchased shares of Calavo Growers, Inc. (NASDAQ:CVGW) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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