SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP reminds investors that they have until March 21, 2016 to file a motion seeking to be appointed lead plaintiff against Cnova N.V. (NASDAQ:CNV).
If you purchased Cnova between November 19, 2014 and December 18, 2015 (the "Class Period") we encourage you to contact Johnson & Weaver regarding your rights and options.
Additional Information about the Lawsuit:
Cnova operates as an eCommerce company in Europe, Latin America, Asia, and Africa.
The Complaint alleges that during the Class Period, Cnova made false and misleading statements and failed to disclose significant information to shareholders. Specifically, the lawsuit alleges the Company: (1) overstated net sales; (2) failed to properly write-down the value of certain returned items; (3) overstated accounts receivable related to the damaged/returned items; (4) overstated EBIT; (5) lacked satisfactory internal controls; and (6) consequently issued false and misleading financial statements.
On January 22, 2016 it was reported that Cnova’s head of Brazilian operations and co-chief executive, had resigned after an investigation of inventory mismanagement in Brazil.
Cnova stock has traded as high as $8.60, since its initial public stock offering (the “IPO”) in November 2014. However, since the IPO, Cnova’s stock has imploded, closing at $2.27 on January 22, 2016.
Plaintiff seeks to recover damages on behalf of all purchasers of Cnova securities during the Class Period. If you wish to serve as a lead plaintiff, you must move the Court no later than March 21, 2016. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst 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
