NEW YORK, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces that a class action lawsuit has been filed on behalf of all purchasers of CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE) ADRs from March 25, 2013 through August 18, 2015. The lawsuit seeks to recover damages for CaesarStone investors under the federal securities laws.
To join the CaesarStone class action, go to the firm's website at http://www.rosenlegal.com/cases-699.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the cost of quartz increased significantly by approximately 20% in 2014 while CaesarStone claimed in SEC filings the impact of the price rising was just 4%; (2) independent lab tests revealed that CaesarStone's samples contained less quartz than advertised; (3) CaesarStone's reported consolidated margins, gross margins, and EBITDA were overstated; (4) the extent of and risk posed by a rising number of lawsuits for approximately 60 silicosis-related injuries or deaths suffered by workers and fabricators of its product in Israel was understated; (5) the impact recent OSHA warnings concerning silicosis would have on the opening of a new U.S. facility and associated costs; and (6) recent inspection reports revealed audit deficiencies related to revenue and inventory controls.
On August 19, 2015, analyst firm Spruce Point Capital Management published a report on CaesarStone describing the aforementioned false and misleading statements and failures of disclosure. On this adverse news, CaesarStone ADRs fell $3.68, or 7.6%, to close at $44.61 on August 19, 2015.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to the firm's website at http://www.rosenlegal.com/cases-699.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll-free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.