Ryan & Maniskas, LLP Announces Class Action Lawsuit Against CaesarStone Sdot-Yam Ltd.
WAYNE, Pa., Sept. 18, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons who purchased or acquired the shares of CaesarStone Sdot-Yam Ltd. ("CaesarStone" or the "Company") (NASDAQ: CSTE) between March 25, 2013 and August 18, 2015, inclusive (the "Class Period").
CaesarStone shareholders may, no later than October 26, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of CaesarStone and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/cste.
CaesarStone manufactures and sells engineered quartz slabs, which are typically utilized as kitchen countertops, under the CaesarStone brand in the U.S. and internationally.
The complaint alleges that CaesarStone and certain of its executive officers made a series of false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the complaint alleges that the defendants made false and misleading statements and/or failed to disclose that: (i) that the cost of quartz rose by approximately 20% in 2014 while the company claimed in SEC filings the impact of the price increase was just 4%; (ii) independent lab tests demonstrate that CaesarStone's samples contained less quartz than advertised; (iii) CaesarStone's reported consolidated margins, gross margins, and EBITDA were overstated; (iv) the extent of and risk posed by a growing number of lawsuits for approximately 60 silicosis-related injuries or deaths suffered by workers and fabricators of its product in Israel was understated; (v) the impact recent OSHA warnings regarding silicosis would have on the opening of a new U.S. facility and associated costs; (vi) recent inspection reports revealed audit deficiencies related to revenue and inventory controls; and (vii) as a result of the foregoing, the defendants' statements about CaesarStone's business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On August 19, 2015, analyst firm Spruce Point Capital Management published an in-depth report on CaesarStone, which the complaint alleges summarized the aforementioned false and misleading statements and failures of controls and disclosure. Following this news, CaesarStone's securities significantly declined in value.
If you are a member of the class, you may, no later than October 26, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
CONTACT:
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/cste
[email protected]
Logo - http://photos.prnewswire.com/prnh/20121112/MM11729LOGO
SOURCE Ryan & Maniskas, LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article