PRNewswire 14-Jun-2019 4:06 PM
NEW YORK, June 14, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Pyxus International, Inc. f/k/a Alliance One International, Inc. ("Pyxus" or the "Company") (NYSE: PYX). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Pyxus and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 8, 2018, Pyxus disclosed that its sales declined approximately 12% year-over-year due to the timing of shipments and a larger crop yield in South America.
On this news, Pyxus's stock price fell $7.01 per share, or nearly 28%, to close at $18.26 per share on November 8, 2018.
Then, on November 9, 2018, the U.S. Securities and Exchange Commission ("SEC") announced that Pyxus had settled charges that it had materially misstated its financial statements filed with the SEC 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, Pyxus's stock price fell $2.88 per share, or nearly 16%, to close at $15.38 per share on November 9, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
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SOURCE Pomerantz LLP