WAYNE, Pa., Jan. 26, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased Cnova N.V. ("Cnova" or the "Company") (NASDAQ: CNV) securities between November 19, 2014 and December 18, 2015, inclusive (the "Class Period").
Cnova shareholders may, no later than March 21, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Cnova 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/cnv.
Cnova operates as an eCommerce company in Europe, Latin America, Asia, and Africa. It operates in two segments, Cdiscount and Cnova Brazil.
The complaint alleges that defendants failed to disclose that Cnova: (1) overstated net sales; (2) failed to properly write-off the value of certain returned items; (3) misstated accounts receivable related to the damaged/returned items; (4) overstated EBIT; (5) lacked adequate internal controls; and (6) issued misleading financial statements.
On December 18, Cnova disclosed that it had "engaged legal advisors and external forensic accountants to perform a review of issues in connection with employee misconduct related to inventory management," and that "[t]he investigation will also assess any accounting and financial statement impact of the conduct under review." On December 19, Cnova's stock price fell 18% to close at $2.45 resulting in a loss of more than a $200 million in the Company's market capitalization, and down nearly 70% below the Company's IPO price of $7.00 per share.
If you are a member of the class, you may, no later than March 21, 2016, 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.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/cnv. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
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.
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/cnv
[email protected]
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SOURCE Ryan & Maniskas, LLP
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