BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors that purchasers of the securities of Amira Nature Foods Ltd. (“Amira” or the “Company”) (NYSE:ANFI) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s initial public offering, or who purchased or otherwise acquired Amira common stock between September 27, 2012 and February 9, 2015, inclusive (the “Class Period”), have until April 13, 2015, to file a motion to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the Central District of California. Investors who have losses of $100,000 or more are encouraged to contact the firm for more information.
Amira is engaged in processing, distributing and marketing packaged specialty rice and other food products. The Complaint alleges that the defendants made false and/or misleading statements and failed to disclose material adverse facts about Amira’s business, operations, and financial performance and prospects. Specifically, defendants misrepresented or failed to disclose related-party transactions and overstated the Company’s revenues. As a result, the Company’s financial statements were false and misleading during the Class Period.
On February 9, 2015, the analyst firm Prescience Point Research Group issued a report highlighting the Company’s overstatement of revenues and the related-party transactions. Among other things, the report alleges that Indian government reports on Basmati rice exports indicate that Amira overstated its India-produced Basmati rice revenue by more than 116% in 2014. The report also alleges that Amira engaged in material, undisclosed related-party transactions, some of which benefited the Company’s chief executive officer and his family at the expense of shareholders. Following this news, on February 9, 2015, Amira stock declined more than 25%, or $3.45 per share, to a closing price of $9.95 per share on unusually heavy volume.
If you are a member of the Class described above, you may move the Court no later than April 13, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you suffered losses of $100,000 or more and wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.