LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of Arizona on behalf of a class (the “Class”) consisting of persons and entities that acquired Inventure Foods, Inc. (“Inventure Foods” or the “Company”) (NASDAQ: SNAK) securities between March 3, 2016, and March 16, 2017, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice, to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at firstname.lastname@example.org to discuss this matter.
On March 9, 2017, the Company disclosed that it would not be able to timely file its annual report on Form 10-K for its fiscal year ended December 31, 2016 and that it expected to file a notification of late filing on Form 12b-25 with the SEC to obtain a 15-day extension of the filing deadline for the Form 10-K. The Company claimed it needed additional time to complete certain intangible asset and goodwill impairment tests, and that, as a result, the Company’s independent registered public accounting firm had not completed its audit of the Company’s financial statements and the assessment of the Company’s internal control over financial reporting.
Then, on March 16, 2017, the Company filed the notice of late filing on Form 12b-25. Therein, the Company disclosed that it anticipated that its statements of operations contained in its 2016 annual report would differ materially from those reported for its fourth quarter and fiscal year 2015 in its press release filed with the SEC on March 3, 2016. On this news, the price of Inventure Foods common stock fell $0.13 per share, or 2.5%, to close at $4.91 per share on March 17, 2017, on unusually heavy trading volume. The stock price continued to decline in the following trading days, falling $0.48 per share (9.7%) on March 20, 2017, and $0.41 per share (9.2%) on March 21, 2017, to close at $4.02 per share on March 21, 2017.
The filed complaint alleges claims under the Securities Exchange Act of 1934. According to the complaint, throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company lacked adequate internal controls over accounting and financial reporting; (2) that, as a result, the Company’s statements of operations in its fiscal year 2015 results press release contained incorrect figures; and (3) that, as a result of the foregoing, Defendants’ statements about Inventure Foods’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Inventure Foods during Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at www.glancylaw.com.
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