SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Cnova N.V. -- CNV
WILMINGTON, Del., Feb. 01, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
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Do you, or did you, own shares of Cnova N.V. (Nasdaq:CNV)?
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Did you purchase your shares between November 19, 2014 and December 18, 2015, inclusive?
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Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a class action complaint (the “Complaint”) has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased the securities of Cnova N.V. (“Cnova” or the “Company”) between November 19, 2014 and December 18, 2015 (the “Class Period”) alleging that certain officers and directors of the Company violated the federal securities laws.
The Complaint alleges that during the Class Period, the defendants failed to disclose that Cnova issued misleading financial statements by failing to disclose that the Company lacked adequate internal financial controls and that it had overstated net sales, failed to properly write-off the value of returned items, misstated accounts receivable for damaged/returned items, and overstated EBIT.
On December 18, 2015, Cnova disclosed that it had engaged legal advisors and external forensic accountants to review issues relating to employee misconduct in connection with inventory management and to assess any accounting and financial statement impacts. The next trading day, December 21, 2015, the price of Cnova’s stock price fell from $2.95 per share to close at $2.42 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than March 21, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
If you suffered a loss in Cnova and would like to obtain additional information, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail at info@rl-legal.com; or at http://rigrodskylong.com/investigations/cnova-nv-cnv/.
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CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
