Shareholder rights law firm Robbins Arroyo LLP announces
that a class action complaint was filed against G. Willi-Food
Corporation (NASDAQCM: WILC) in the U.S. District Court for the Southern
District of New York. The plaintiff brings the complaint on behalf of
all purchasers of G. Willi-Food securities between April 30, 2014 and
February 18, 2016, for the alleged violations of the Securities Act of
1934 by G. Willi-Food's officers and directors. G. Willi-Food develops,
imports, exports, markets, and distributes various food products
worldwide.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/g-willi-food-international-ltd
G. Willi-Food Accused of Engaging in Fraud and Money Laundering
According to the complaint, from 2013 through 2015, G. Willi-Food filed
several Form 20-Fs and Form 6-Ks with the U.S. Securities and Exchange
Commission attesting to the accuracy of the financial reporting,
effectiveness of internal controls, and that all fraud was disclosed.
The company detailed its Code of Ethics, which promotes honest and
ethical conduct, proper disclosure of information in the corporation's
periodic reports, and compliance with governmental laws and regulations.
On July 16, 2015, the company announced that its director sold his
controlling interest in the company to Gregory Gurtovoy, who was
appointed Co-Chairman of the Board of Directors not long after. The
complaint alleges, however, that the company failed to disclose that
Gurtovoy, along with others, illegally transferred money out of G.
Willi-Food.
On February 17 and 18, 2016, several news articles revealed that Israeli
authorities had been conducting an undercover investigation of Gurtovoy
and that he was arrested on suspicion of aggravated fraud, money
laundering, financial reporting violations, and false reporting. The
articles further detailed that Gurtovoy was suspected of taking money
out of Willi-Food and investing it in assets abroad. On February 18,
2016, G. Willi-Food issued a press release confirming these reports. On
this news, G. Willi-Food stock fell $0.20 per share, or approximately
5%, to close at $3.75 per share on February 18, 2016, when NASDAQ halted
trading in G. Willi-Food for "additional information requested" from the
company.
G. Willi-Food Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Darnell R. Donahue at
(800) 350-6003, DDonahue@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
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