BENSALEM, Pa.–(BUSINESS WIRE)–$PYX #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased Pyxus International,
Inc. (“Pyxus” or the “Company”) (NYSE: PYX)
securities between June 7, 2018 and November 8, 2018, inclusive
(the “Class Period”). Pyxus investors have until August 6, 2019 to
file a lead plaintiff motion.
Investors suffering losses on their Pyxus investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to [email protected].
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.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed 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.
If you purchased shares of Pyxus, have information, 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 [email protected],
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.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
