| Company: | Amira Nature Foods Ltd |
| Ticker Symbol: | NYSE:ANFI |
| Class Period: | Sep-27-12 to Feb-9-15 |
| Date Filed: | Apr-3-15 |
| Lead Plaintiff Deadline: | Jun-2-15 |
| Court: | Central District of California |
| Allegations: | |
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.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
