SAN DIEGO & MORRISVILLE, N.C.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Pyxus International, Inc. (NYSE: PYX) has filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between June 7, 2018 and November 8, 2018. Pyxus International, formerly known as Alliance One International, Inc., is an agricultural company that manufactures various agricultural products with a focus on purchasing, processing, and shipping of tobacco.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/pyxus-international-inc/
Pyxus Accused of Misleading Shareholders
According to the complaint, Pyxus made misleading positive statements about its business and operations. The truth was revealed on November 8, 2018, when Pyxus announced that its sales had declined approximately 12% year-over-year due to the timing of shipments and the larger crop in South America. On this news, Pyxus' share price fell $7.02, or almost 28%, to close at $18.26 per share. The following day, the SEC announced that Pyxus had settled charges for materially misstating financial statements from 2011 to the second quarter of 2015 due to improper accounting, processes, and control activities for inventory, deferred crop costs, and revenue transactions in Africa. On this news, Pyxus' stock fell nearly 16% to close at $15.38 per share, and has yet to recover.
Pyxus International Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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