WILMINGTON, Del., May 12, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Inventure Foods, Inc. (NASDAQ:SNAK)?
- Did you purchase your shares pursuant and/or traceable to the stock offering on or about September 17, 2014?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities that purchased the common stock of Inventure Foods, Inc. (“Inventure” or the “Company”) (NASDAQ:SNAK) pursuant or traceable to its stock offering (the “Offering”) commenced on or about September 17, 2014, alleging violations of the Securities Exchange Act of 1933 against the Company, the sponsors of the Offering, and certain of the Company’s officers (the “Complaint”).
If you purchased shares of Inventure in connection with its Offering, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/inventure-foods-inc-snak.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, the documents filed in connection with the Offering contained materially false and misleading statements and/or failed to disclose that the Company’s Jefferson Facility was in need on capital improvements and corrective actions to rectify unsanitary conditions that are known to breed dangerous bacteria and that violated federal law. Documents titled “Fresh Frozen Foods Destroyed Products” produced by the Department of Agriculture indicate that the unsafe conditions that can cause food contamination existed at the Jefferson Facility as early as April 2014, a full five months prior to the Offering.
On April 23, 2015, the Company issued a press release announcing that it initiated a recall of certain varieties of it Fresh Frozen™ line of frozen vegetables, as well as select varieties of its Jamba “At Home” line of smoothie kits, due to the Jefferson Facility testing positive for Listeria.
On this news, shares of Inventure dropped over 24% in the following days, closing at $8.71 per share on April 24, 2015, on heavy trading volume.
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