NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm announces that it is investigating potential securities claims against CBD Energy Limited (NASDAQ:CBDE) resulting from allegations that the Company may have issued materially misleading business information to the investing public.
On October 24, 2014, CBD Energy announced that its previously issued audited financial statements for the fiscal years 2012 and 2013 and interim financial statements for the six months ended December 31, 2013 (the "December Statements") cannot be relied upon by investors. According to CBD Energy, certain related-party transactions involving its Executive Chairman and Managing Director, Mr. McGowan were not accurately disclosed in its financial statements. The Company also disclosed that revisions to the December Statements are due to uncertainties about: (i) an expectation of realizing full (or any) value of a deposit of approximately $680,000; (ii) the adequacy of disclosures regarding goodwill and the possibility of recognizing an impairment; (iii) the capitalization of certain payments related to the costs of issuing retail bonds in the United Kingdom; and (iv) classification of certain expenses. On this news, shares of CBD Energy fell sharply during intraday trading on October 24, 2014, damaging investors.
The Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by CBD Energy shareholders as a result of this adverse information. If you purchased CBD Energy stock prior to October 24, 2014, please visit the website at http://rosenlegal.com/cases-411.html to join the action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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