NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, reminds purchasers of CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE) ADRs from March 25, 2013 through August 18, 2015 of the important October 26, 2015 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for CaesarStone investors under the federal securities laws.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the cost of quartz increased significantly by approximately 20% in 2014 while CaesarStone claimed in SEC filings the impact of the price rising was just 4%; (2) independent lab tests revealed that CaesarStone’s samples contained less quartz than advertised; (3) CaesarStone’s reported consolidated margins, gross margins, and EBITDA were overstated; (4) the extent of and risk posed by a rising number of lawsuits for approximately 60 silicosis-related injuries or deaths suffered by workers and fabricators of its product in Israel was understated; (5) the impact recent OSHA warnings concerning silicosis would have on the opening of a new U.S. facility and associated costs; and (6) recent inspection reports revealed audit deficiencies related to revenue and inventory controls.
On August 19, 2015, analyst firm Spruce Point Capital Management published a report on CaesarStone describing the aforementioned false and misleading statements and failures of disclosure. On this adverse news, CaesarStone ADRs fell $3.68, or 7.6%, to close at $44.61 on August 19, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to the firm’s website at http://www.rosenlegal.com/cases-699.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll-free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.