NEW YORK, NY / ACCESSWIRE / June 20, 2019 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Pyxus International, Inc. f/k/a Alliance One International, Inc.("Pyxus" or the "Company") (PYX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Pyxus securities between June 7, 2018 and November 8, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/pyx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The lawsuit alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing longer shipping cycles; (2) as a result, the Company's financial results would be materially affected; (3) the Company lacked adequate internal control over financial reporting; (4) the Company's accounting policies were reasonably likely to lead to regulatory scrutiny; and (5) defendants' positive statements about Pyxus' business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On November 8, 2018, Pyxus disclosed that its sales declined approximately 12% year-over-year due to the timing of shipments and a larger crop yield in South America. On this news, Pyxus's stock price fell $7.01 per share, or nearly 28%, to close at $18.26 per share on November 8, 2018. Then, on November 9, 2018, the U.S. Securities and Exchange Commission ("SEC") announced that Pyxus had settled charges that it had materially misstated its financial statements filed with the SEC 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, Pyxus's stock price fell $2.88 per share, or nearly 16%, to close at $15.38 per share on November 9, 2018.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/pyx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Pyxus you have until August 6, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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https://www.accesswire.com/549394/SHAREHOLDER-ALERT--Pyxus-International-Inc-fka-Alliance-One-International-Inc-PYX--Bronstein-Gewirtz-Grossman-LLC-Announces-Class-Action-and-Lead-Plaintiff-Deadline-August-6-2019