The Shareholders Foundation announces that an investor, who purchased shares of Amira Nature Foods Ltd (NYSE:ANFI), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Amira Nature Foods Ltd in connection with certain allegedly false and misleading statements made between September 27, 2012 and February 9, 2015.
Investors who purchased a significant amount of shares of Amira Nature Foods Ltd (NYSE:ANFI) between September 27, 2012 and February 9, 2015, have certain options and for certain investors are short and strict deadlines running. Deadline: April 13, 2015. NYSE:ANFI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Amira Nature Foods Ltd (NYSE:ANFI) common shares between September 27, 2012 and February 9, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Amira Nature Foods Ltd allegedly fraudulently overstated its Indian-produced basmati rice exports, thereby overstating revenues by at least 24% and 18.7% in FY 2013 and 2014, respectively, that Amira Nature Foods Ltd allegedly concealed that many of its counterparties are secretly related parties, including its largest customer, one of its largest suppliers, a potential counterparty to a $30 million transaction, and over a dozen others, and that Amira Nature Foods Ltd’s CEO used company money to pay his own personal household expenses, including salaries for a personal house manager and a chef for his farmhouse.
On February 9, 2015, a third-party analyst firm issued a report on Amira Nature Foods Ltd. Among other things, the Report charged that Amira Nature Foods Ltd had overstated its India-produced Basmati rice revenue by at least 116.9% in 2014, citing Indian government reports on Basmati rice exports, that Amira Nature Foods Ltd had engaged in material related-party transactions, including with its largest distributor, one of its largest suppliers, and a company from which Amira Nature Foods Ltd intended to buy $30 million of land, and that Amira Nature Foods Ltd’s CEO Karan Chanana used company resources for personal use, including to pay salaries for household help. Shares of Amira Nature Foods Ltd (NYSE:ANFI) declined from $13.99 per share on February 6, 2015, to as low as $7.41 per share on February 10, 2015.
On February 23, 2015, NYSE:ANFI shares closed at $8.85 per share.
Those who purchased shares of Amira Nature Foods Ltd (NYSE:ANFI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com