NEW YORK, NY / ACCESSWIRE / June 25, 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") (NYSE: PYX) and certain of its
officers, on behalf of shareholders who purchased or otherwise
acquired Pyxussecurities 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.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz &
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