SAN DIEGO, March 18, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. reminds investors that a lawsuit was filed in the U.S. District Court for the Central District of California on behalf of certain investors who purchased shares of Calavo Growers, Inc. (CVGW).
Investors who purchased shares of Calavo Growers, Inc. (Nasdaq:CVGW) in 2012 or earlier and continue to hold any of those (Nasdaq:CVGW) have options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
The plaintiff claims that defendants allegedly concealed that Calavo Growers, Inc failed to maintain an accurately valued contingent consideration pursuant to its acquisition of Renaissance Food Group, LLC, that Calavo Growers, Inc overstated its non-cash operating expenses, that Calavo Growers, Inc lacked adequate internal controls over financial reporting and that as a result, the Company's financial statements were allegedly materially false and misleading.
On January 15, 2015, Calavo Growers, Inc. announced its fiscal 2014 fourth quarter and full year results. Calavo Growers also announced that it will restate its previously issued financial statements for the fiscal years ended October 31, 2013 and 2012 and the quarters therein, as well as the quarters ended January 31, 2014, April 30, 2014, and July 31, 2014. The restatements are attributable to a misstatement in Calavo Grower's treatment of contingent consideration in its acquisition of Renaissance Food Group, LLC in June 2011. Shares of Calavo Growers, Inc. (CVGW) declined from $48.30 per share on January 14, 2015, to as low as $37.50 per share on January 16, 2015.
Those who purchased shares of Calavo Growers, Inc. (Nasdaq:CVGW) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.