|Company:||Calavo Growers, Inc.|
|Class Period:||Mar-5-12 to Jan-15-15|
|Lead Plaintiff Deadline:||Apr-12-15|
|Court:||Central District of California|
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the earn-out payments provided under the RFG Acquisition Agreement. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Calavo failed to maintain an accurately valued contingent consideration pursuant to its acquisition of RFG; (ii) Calavo overstated its non-cash operating expenses; (iii) the Company lacked adequate internal controls over financial reporting; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On January 15, 2015 Calavo announced it will record a non-cash charge which the Company will now treat as amortization expense totaling, over all periods, $88.9 million before tax ($54.0 million net of tax) related to the misstatement in its treatment of contingent consideration.
Following this news, shares of Calavo fell $4.72 per share, or over 9%, to close at $43.07 per share on January 15, 2015.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.