PHILADELPHIA, May 11, 2016 (GLOBE NEWSWIRE) -- Barrack Rodos & Bacine announces that a securities class action lawsuit has been filed in the Superior Court of the State of Arizona on behalf of purchasers of the common stock of Inventure Foods, Inc. (NASDAQ:SNAK) (“SNAK” or the “Company”). While this lawsuit is limited to investors who purchased SNAK common stock in or traceable to the Company’s September 17, 2014 stock offering, Barrack Rodos & Bacine is also investigating whether the Company and its senior executives violated the federal securities laws by issuing materially false and misleading statements during the period from January 1, 2013 through April 24, 2015.
Barrack Rodos & Bacine has four decades of experience prosecuting securities class actions and has achieved some of the largest recoveries in the history of such litigation. If you purchased SNAK stock from January 1, 2013 through April 24, 2015 (including but not limited to in the September 2014 offering), suffered losses from your transactions in the stock, and wish to discuss your rights, please contact Barrack Rodos & Bacine at the following toll-free number: 877-386-3304, or via e-mail to Jeffrey W. Golan (jgolan@barrack.com), Robert A. Hoffman (rhoffman@barrack.com) or Samuel Ward (sward@barrack.com).
SNAK, which is headquartered in Phoenix, Arizona, is a marketer and manufacturer of healthy/natural and indulgent specialty snack food brands. It has manufacturing plants in Arizona, Georgia, Indiana, Oregon and Washington. The lawsuit alleges that the Company’s manufacturing facility in Jefferson, Georgia, was in need of capital improvements to address unsanitary conditions that are known to foster the growth of dangerous bacteria. The complaint also alleges that in late 2014 to early 2015, the U.S. Department of Agriculture Food Safety Division found unsafe and unsanitary conditions at the Jefferson facility, which were the subject of a March 2015 complaint filed with the United States Food and Drug Administration. On April 23, 2015, SNAK issued a press release announcing that it had initiated a recall of certain products due to the Jefferson facility testing positive for listeria. As a result of these developments, the price of SNAK stock declined significantly, closing at $8.71 per share on April 24, 2015 (a $2.88 drop in the stock’s price from the closing price before the recall announcement).