LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it is investigating potential claims on behalf of investors of CaesarStone Sdot-Yam Ltd. ("CaesarStone" or the "Company") (NASDAQ:CSTE) concerning the Company’s and its officers’ possible violations of federal securities laws.
Investors that have suffered over $100,000 in damages are encouraged to contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
CaesarStone manufactures and sells engineered quartz surfaces under the CaesarStone brand for sale in a variety of residential and commercial uses. The investigation focuses on whether the Company failed to properly disclose and otherwise misled investors regarding the following: (i) that the cost of quartz rose substantially by approximately 20% in 2014 while the Company claimed in SEC filings the impact of the price increase was just 4%; (ii) independent lab tests demonstrate that CaesarStone’s samples contained less quartz than advertised; (iii) CaesarStone’s reported consolidated margins, gross margins, and EBITDA were overstated; (iv) the extent of and risk posed by a growing number of lawsuits for approximately 60 silicosis-related injuries or deaths suffered by workers and fabricators of its product in Israel was understated; (v) the impact recent OSHA warnings regarding silicosis would have on the opening of a new U.S. facility and associated costs; (vi) recent inspection reports revealed audit deficiencies related to revenue and inventory controls.
On August 19, 2015, analyst firm Spruce Point Capital Management published an in-depth report on CaesarStone, which discloses the above alleged misleading statements and lack of proper internal controls. Following this news, CaesarStone's securities declined significantly in value.
If you purchased CaesarStone securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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