STEVENSON, Md., Jan. 25, 2016 (GLOBE NEWSWIRE) -- 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 Southern District of New York on behalf of purchasers of Cnova N.V. (Nasdaq: CNV ) (“Cnova” or the “Company”) securities pursuant and/or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s initial public offering on or about November 19, 2014 (the “IPO” or the “Offering”) and/or between November 19, 2014 and December 18, 2015, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until March 21, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Cnova securities purchased on or after November 19, 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 hoffman@browerpiven.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 for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities 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 and the Securities Act of 1933 for failure to disclose, in connection with the Company’s November 19, 2014 initial public offering (“IPO”) and during the Class Period, that the Company’s operations were in the midst of a serious slowdown and that the Company lacked sufficient control over write-offs in connection with product returns and damaged product inventory at Cnova’s Brazilian distribution centers. The complaint also states that the Company overstated receivables related to damaged or returned products, despite that the IPO Registration Statement stressed the Company’s strength in Brazil and its increased market share and profitability in the Brazilian market.
According to the complaint, following the December 18, 2015 announcement that the Company’s Board of Directors engaged legal advisors and external forensic accountants to perform a review of issues in connection with employee misconduct related to inventory management predominantly in Brazil, the value of Cnova 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.
CONTACT: CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
