BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces an investigation on behalf of Cavco Industries, Inc. (“Cavco” or the “Company”) (NASDAQ: CVCO) investors concerning the Company and its officers’ possible violations of federal securities laws.
On November 8, 2018, Cavco revealed that it had received a subpoena from the SEC’s Division of Enforcement on August 20, 2018, requesting certain documents relating to trading in the stock of a public company, and that then-Chief Executive Officer Joseph Stegmayer had received a subpoena regarding similar issues on October 1, 2018.
Cavco stated: “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 Cavco at a time when the Company had agreed to refrain from such trading. The Company intends to cooperate fully with the SEC's investigation. Effective November 8, 2018, Mr. Stegmayer stepped down from his position as Chairman, President and Chief Executive Officer of the Company after an internal investigation, conducted by independent legal counsel to the Audit Committee of the Board of Directors, identified certain violations of Company policy related to securities trading activities conducted by Mr. Stegmayer.”
On this news, Cavco’s share price fell $49.48 per share, or over 23%, to close at $165.20 per share on November 9, 2018, on unusually heavy trading volume.
If you purchased Cavco securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.