NEW YORK, June 12, 2019 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Pyxus International Inc., ("Pyxus" or the "Company") (PYX) from June 7, 2018, through November 18, 2018, inclusive (the "Class Period"). The lawsuit alleges claims under the Securities Exchange Act of 1934 and seeks to recover Pyxus shareholders' investment losses.
If you purchased Pyxus securities, and/or would like to discuss your legal rights and options please visit Pyxus PYX Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (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 share price fell $7.01, or nearly 28%, to close at $18.26 on November 8, 2018, on unusually heavy trading volume. 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 share price fell $2.88, or nearly 16%, to close at $15.38 on November 9, 2018, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Pyxus securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/pyxusinternationalinc-pyx-shareholder-class-action-lawsuit-fraud-stock-142/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
View original content to download multimedia:http://www.prnewswire.com/news-releases/pyxus-international-inc-class-action-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-pyxus-international-inc--pyx-300866518.html