LOS ANGELES, April 25, 2017 /PRNewswire/ -- Lundin Law PC , a shareholder rights firm, announces the filing of a class action lawsuit against Inventure Foods, Inc. ("Inventure" or the "Company") (Nasdaq: SNAK) concerning possible violations of federal securities laws between March 3, 2016 and March 16, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the May 30, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, during the Class Period, Inventure made false and/or misleading statements and/or failed to disclose: that the Company lacked adequate internal controls over accounting and financial reporting; that Inventure Foods' statements of operations in its fiscal year 2015 results press release contained incorrect figures; and that as a result of the above, the Company's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 9, 2017, Inventure revealed that it would delay its annual filing 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. On March 16, 2017, the Company filed a notice with the SEC revealing that it would delay its 2016 fiscal year annual report. The Company also said that it believes its statements of operations contained in the annual report "will differ materially" from those reported for its fourth quarter and fiscal year 2015. Upon release of this news, Inventure's stock price dropped materially, which harmed investors.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC