NEW YORK, July 19, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pyxus International, Inc. ("Pyxus" or "the Company") (NYSE: PYX) of the August 6, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Pyxus stock or options between June 7, 2018 and November 8, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/PYX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of North Carolina on behalf of all those who purchased Pyxus securities between June 7, 2018 and November 8, 2018 (the "Class Period"). The case, Jones v. Pyxus International, Inc., No. 19-cv-00234 was filed on June 7, 2019 and has been assigned to Judge Terrence William Boyle.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the Company was experiencing longer shipping cycles; (2) that, as a result, the Company's financial results would be materially affected; (3) that the Company lacked adequate internal control over financial reporting; (4) that the Company's accounting policies were reasonably likely to lead to regulatory scrutiny; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On November 8, 2018, the Company disclosed that sales declined approximately 12% year-over-year due to the timing of shipments and the larger crop last year in South America.
On this news, the Company's stock price fell from $25.27 on November 7, 2018 to $18.26 on November 8, 2019— a $7.01 or 27.74% drop.
Then, on November 9, 2018, the SEC announced that the Company had settled charges that it had materially misstated financial statements with the Commission from at least 2011 through the second quarter of 2015 due to improper and insufficient accounting, processes, and control activities for inventory, deferred crop costs, and revenue transactions in Africa.
On this news, the Company's stock price fell from $18.16 on November 8, 2018 to $15.38 on November 9, 2019— a $2.88 or 15.77% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Pyxus's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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