Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by Amira Nature Foods Ltd (NYSE: ANFI) and certain of its officers. Amira is engaged in processing, distributing and marketing packaged specialty rice and other food products.
On February 9, 2015, Prescience Point Research Group published a report alleging that Amira had overstated its India-produced Basmati rice revenue by at least 116.9% in 2014, citing Indian government reports on Basmati rice exports. Prescience further alleged that Amira had engaged in material related-party transactions with its largest distributor, one of its largest suppliers and a company from which Amira intended to buy $30 million of land. Additionally, the report stated that Amira Chief Executive Officer Karan Chanana used Company resources for personal use, including paying salaries for household help.
As a result of this news, Amira stock plummeted $3.45 per share to close at $9.95 per share on February 9, 2015, a one-day decline of nearly 26%, on volume of over 3.6 million shares.
If you are an Amira shareholder and are interested in learning more about the investigation or your legal rights and remedies, or if you have any information that may assist us in our investigation, please contact Jim Baker (jimb@johnsonandweaver.com) at 619-814-4471. If you email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contacts:
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
