NEW YORK, NY / ACCESSWIRE / February 13, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Calavo Growers, Inc. ("Calavo" or the "Company") (NASDAQ:CVGW). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Calavo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 17, 2024, Calavo issued a press release announcing it would file a Form 12b-25 Notification of Late Filing for the fiscal year ended October 31, 2023, disclosing that its Board of Directors had determined that "certain matters . . . merited enhanced evaluation" and that a Special Committee had commenced an internal investigation. Calavo disclosed that "[a]s part of this internal investigation, the Special Committee determined that certain matters relating to the Company's operations in Mexico merited further investigation in connection with the completion of the Company's financial statements for the year ended October 31, 2023."
On this news, Calavo's stock price fell $2.48 per share, or 8.54%, to close at $26.57 per share on January 17, 2024.
Then, on January 31, 2024, Calavo issued a press release announcing the Special Committee's investigation results. The press release stated that "certain of those matters related to the Company's operations in Mexico raised potential issues under the Foreign Corrupt Practices Act (‘FCPA'). The Company has voluntarily disclosed this ongoing internal investigation to the SEC and the Department of Justice (‘DOJ'), and the Company intends to fully cooperate with the SEC and the DOJ in connection with these matters."
On this news, Calavo's stock price fell $1.59 per share, or 6.09%, to close at $24.50 per share on February 1, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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