BENSALEM, Pa.–(BUSINESS WIRE)–$PYX #classaction–Law Offices of Howard G. Smith reminds investors of the upcoming August
6, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased Pyxus International,
Inc. (“Pyxus” or the “Company”) (NYSE: PYX)
securities between June 7, 2018 and November 8, 2018, inclusive
(the “Class Period”).
Investors suffering losses on their Pyxus investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On November 8, 2018, the Company disclosed that sales declined
approximately 12% year-over-year due to the timing of shipments and the
larger crop last year in South America.
On this news, the Company’s share price fell $7.01, or nearly 28%, to
close at $18.26 on November 8, 2018, on unusually heavy trading volume.
On November 9, 2018, the SEC announced that the Company had settled
charges that it had materially misstated financial statements with the
Commission from at least 2011 through the second quarter of 2015 due to
improper and insufficient accounting, processes, and control activities
for inventory, deferred crop costs, and revenue transactions in Africa.
On this news, the Company’s share price fell $2.88, or nearly 16%, to
close at $15.38 on November 9, 2018, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company was
experiencing longer shipping cycles; (2) that, as a result, the
Company’s financial results would be materially affected; (3) that the
Company lacked adequate internal control over financial reporting; (4)
that the Company’s accounting policies were reasonably likely to lead to
regulatory scrutiny; and (5) that, as a result of the foregoing,
Defendants’ positive statements about the Company’s business,
operations, and prospects were materially misleading and/or lacked a
If you purchased shares of Pyxus during the Class Period you may move
the Court no later than August 6, 2019 to ask the Court
to appoint you as lead plaintiff if you meet certain legal requirements.
To be a member of the class action you need not take any action at this
time; you may retain counsel of your choice or take no action and remain
an absent member of the class action. If you wish to learn more about
this class action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com,
or visit our website at www.howardsmithlaw.com.
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jurisdictions under the applicable law and ethical rules.