BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Amira Nature Foods Ltd. (“Amira” or the “Company”) (NYSE:ANFI) concerning possible violations of federal securities laws. Amira is engaged in processing, distributing and marketing packaged specialty rice and other food products.
The investigation is related to allegations that the Dubai-based Company misrepresented its business and financial performance and/or failed to disclose material related-party transactions. On February 9, 2015, a report by the analyst firm Prescience Point Research Group alleged that, according to Indian government reports on Basmati rice exports, Amira had overstated its India-produced Basmati rice revenue by more than 116% in 2014. The report also alleged that, among other things, Amira engaged in material related-party transactions, including with a company from which it intended to buy $30 million of land, and the Company's chief executive officer used Company resources for personal use, including to pay salaries for household help. Following this news, shares of Amira declined more than 25% on February 9, 2015, to a closing price of $9.95 per share on unusually heavy volume.
If you purchased Amira shares, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.