NEW YORK, April 21, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Inventure Foods, Inc. (“Inventure” or the “Company”) (NASDAQ:SNAK) and certain of its officers, on behalf of shareholders who purchased Inventure securities between March 3, 2016, and March 16, 2017, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/snak.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On March 9, 2017, Inventure revealed that it would delay its annual filing on Form 10-K for its fiscal year ended December 31, 2016 and that it expected to file a notification of late filing on Form 12b-25 with the SEC to obtain a 15-day extension of the filing deadline for the Form 10-K. Inventure said it needed time to complete certain intangible asset and goodwill impairment tests, and that, consequently, its independent registered public accounting firm had not finished its audit for its financial statements and the assessment of its internal control over financial reporting.
On March 16, 2017, after-market hours, Inventure filed a notice with the SEC revealing that it would delay its 2016 fiscal year annual report. Inventure also said that it believes its statements of operations contained in the annual report “will differ materially” from those reported for its fourth quarter and fiscal year 2015. Following this news, Inventure stock dropped $0.13 per share, or 2.5%, to close at $4.91 per share on March 17, 2017, and continued to drop in the following trading days, $0.48 per share, or 9.7%, on March 20, 2017, and $0.41 per share, or 9.2%, on March 21, 2017, to close at $4.02 per share on March 21, 2017.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose that: (1) Inventure lacked adequate internal controls over accounting and financial reporting; (2) as a result, Inventure’s statements of operations in its fiscal year 2015 results press release contained improper figures; and (3) consequently, Defendants’ statements about Inventure’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/snak or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Inventure you have until May 29, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.