STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Texas on behalf of purchasers of CBD Energy Limited (“CBD” or the “Company”) (NASDAQ: CBDE) common stock during the period between June 12, 2014 and October 24, 2014, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 26, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in CBD common stock purchased on or after June 12, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period doubts about realizing full (or any) value of a deposit of approximately $680,000, the adequacy of disclosures regarding goodwill and the possibility of recognizing an impairment, the capitalization of certain payments related to the costs of issuing retail bonds in the United Kingdom, and the classification of certain expenses and the failure to disclose the true nature of certain related-party transactions involving its Executive Chairman and Managing Director, Mr. McGowan. According to the complaint, following the Company’s October 24, 2014 announcement 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 cannot be relied upon by investors, the value of CBD shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.