Calavo Growers, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--()--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Central District of California against Calavo Growers, Inc. (“Calavo”) (NasdaqGS: CVGW) and several officers and directors for acts taken during the period of March 5, 2012 to January 14, 2015 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Calavo. If you are an affected Calavo shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at shareholder@powerstaylor.com. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934 by making false and/or misleading statements and failing to disclose material adverse facts about the earn-out payments provided under an agreement for the acquisition of Renaissance Food Group, LLC. Specifically, the complaint alleges, among other things, that Calavo (1) failed to maintain an accurately valued contingent consideration pursuant to its acquisition of Renaissance Food Group; (2) overstated its non-cash operating expenses; and (3) lacked adequate internal controls over financial reporting. Calavo announced on January 15, 2015 that it will record a non-cash charge totaling $88.9 million before tax related to the misstatement in its treatment of contingent consideration. Calavo stock dropped significantly immediately following this announcement.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Contacts

The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
WBriscoe@TheBriscoeLawFirm.com
or
Powers Taylor LLP
Patrick Powers, 877-728-9607
shareholder@powerstaylor.com

Release Summary

Former SEC attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Calavo Growers, Inc.

Contacts

The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
WBriscoe@TheBriscoeLawFirm.com
or
Powers Taylor LLP
Patrick Powers, 877-728-9607
shareholder@powerstaylor.com