NEW YORK, May 26, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Inventure Foods, Inc. (“Inventure” or the “Company”) (NASDAQ: SNAK ) and certain of its officers. The class action, filed in United States District Court, District of Arizona, is on behalf of a class consisting of investors who purchased or otherwise acquired Inventure securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Inventure securities between March 3, 2016 and March 16, 2017, both dates inclusive, you have until May 29, 2017 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, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Inventure Foods, Inc. manufactures and markets healthy/natural and indulgent specialty snack food products in the United States and internationally. It operates in two segments, Frozen Products and Snack Products.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked adequate internal controls over accounting and financial reporting; (ii) in turn, the Company’s statements of operations in its fiscal year 2015 results press release contained incorrect figures; and (iii) as a result of the foregoing, Inventure’s public statements were materially false and misleading at all relevant times.
On March 9, 2017, the Company disclosed that it would not be able to timely file its annual report on Form 10-K for its fiscal year ended December 31, 2016 and that it expected to file a notification of late filing on Form 12b-25 with the SEC to obtain a 15-day extension of the filing deadline for the Form 10-K. The Company claimed it needed additional time to complete certain intangible asset and goodwill impairment tests, and that, as a result, the Company’s independent registered public accounting firm had not completed its audit of the Company’s financial statements and the assessment of the Company’s internal control over financial reporting.
On March 16, 2017, Inventure filed to delay its annual report for 2016 on Form NT 10-K with the SEC, stating that it anticipates that the statements of operations contained in the annual report “will differ materially” from those reported for its fourth quarter and fiscal year 2015 on the Form NT 10-K. On this news, Inventure’s share price fell $0.13, or 2.58%, to close at $4.91 on March 16, 2017.
The stock price continued to decline in the following trading days, falling $0.48 per share (9.7%) on March 20, 2017, and $0.41 per share (9.2%) on March 21, 2017, to close at $4.02 per share on March 21, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 80 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
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
