SAN FRANCISCO, Jan. 17, 2019 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP notifies investors in Cavco Industries, Inc. (CVCO) of the Firm's investigation into possible securities law violations. If you purchased or otherwise acquired Cavco securities before November 9, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
After the market closed on November 8, 2018, Cavco and senior management filed the Company's Form 10-Q for the quarterly period ended September 29, 2018 and disclosed:
"On August 20, 2018, the Company received a subpoena from the SEC's Division of Enforcement requesting certain documents relating to, among other items, trading in the stock of another public company. On October 1, 2018, the SEC sent a subpoena for documents and testimony to Joseph Stegmayer, the Company's former Chairman, President and Chief Executive Officer, regarding similar issues. At this time, the Company believes that Mr. Stegmayer traded in certain publicly traded stock in his personal accounts as well as in accounts held by the Company at a time when the Company had agreed to refrain from such trading."
This news drove the price of Cavco shares down $49.48, or about 23%, to close at $165.20 on November 9, 2018.
"We're focused on investors' losses, the extent to which management's statements about controls and compliance matters may have been misleading," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Cavco should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CVCO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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