NEW YORK, Feb. 18, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Amira Nature Foods Ltd. ("Amira" or the "Company") (NYSE: ANFI ) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 15-cv-00280, is on behalf of a class consisting of all persons or entities who purchased Amira securities between September 27, 2012 and February 9, 2015, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Amira securities during the Class Period, you have until April 13, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Amira is a British Virgin Islands Corporation with its principal executive offices located in Dubai, United Arab Emirates. Amira has an office in this District at One Park Plaza, Suite 600, Irvine, CA, 92614. Amira processes, markets, and sells rice and other food products.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose related party transactions and overstatement of revenues, rendering its financial statements false.
On February 9, 2015, third-party analyst firm Prescience Point Research Group issued a report on ANFI (the "Prescience Report"). Among other things, the Prescience Report charged that: 1) ANFI had overstated its India-produced Basmati rice revenue by at least 116.9% in 2014, citing Indian government reports on Basmati rice exports; 2) ANFI had engaged in material related-party transactions, including with its largest distributor, and one of its largest suppliers; and that 3) ANFI CEO Karan Chanana used company resources for personal use, including to pay salaries for household help.
On this news, shares of Amira fell $3.45 per share to $9.95, or more than 25.8%, on February 9, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
Robert S. Willoughby Pomerantz LLP
