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NEW YORK, June 9, 2019 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC announces that a clbad action lawsuit has been filed in the United States District Court for the Eastern District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired securities of Pyxus International, Inc. (NYSE: PYX) between June 7, 2018 and November 8, 2018 (the "Clbad Period"). Investors have until August 6, 2019 to ask the Court to be named lead plaintiff in the lawsuit.
Click on right here participate in the action.
On November 8, 2018, the company announced a decline in sales of about 12% from one year to the next due to the timing of shipments and the larger harvest recorded in the US. last year in South America.
On this news, the company's share price fell by $ 7.01, or nearly 28%, to $ 18.26 on November 8, 2018, on an unusually high trading volume.
On November 9, 2018, the SEC announced that the company had settled misrepresentation charges in its financial statements with the Commission dating from at least 2011 to the second quarter of 2015 due to accounting procedures and activities inadequate and inadequate inventory control, deferred harvesting costs and revenue transactions in Africa.
On this news, the company's share price fell $ 2.88, or nearly 16%, to $ 15.38 on November 9, 2018, on an unusually high volume of transactions.
The complaint alleges that throughout the recourse period, the defendants made falsely significant and / or misleading statements, and did not disclose material adverse facts about the company's business, operations and prospects. Specifically, the defendants failed to disclose to investors: (1) that the company was experiencing longer shipping cycles; (2) as a result, the financial results of the company would be significantly affected; (3) the company's lack of internal control over financial reporting; (4) it was reasonably probable that the Company's accounting policies would lead to a regulatory review; and (5) that as a result of the foregoing, the defendants' affirmative statements regarding the business, operations and prospects of the Corporation were very misleading and / or were without reasonable foundation.
If you purchased or continue to hold Pyxus securities during the Clbad Period, if you have any information, would like to know more about these claims or if you have any questions regarding this announcement or your rights or interests regarding these cases, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or call (212) 355-4648, or by by filling out this contact form. There is no cost or obligation for you.
Bragar Eagel & Squire, P.C. is a New York-based law firm specializing in commercial and securities litigation. For more information on the Pyxus lawsuit, please visit https://bespc.com/pyx/. For more information on Bragar Eagel & Squire, P.C. please go to www.bespc.com. Public Prosecutor. Previous results do not guarantee similar results.
contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com
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