Lawsuit Overview
January 10, 2018 - The U.S. Court of Appeals for the Ninth Circuit affirmed the judgement of the district court.
March 17, 2016 - The lead plaintiff filed a notice of appeal.
February 24, 2016 - The court dismissed the second amended complaint with prejudice.
October 29, 2015 - The lead plaintiff filed a second amended complaint.
June 22, 2015 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Calavo Growers Inc (NASDAQ: CVGW) common shares between September 9, 2014 and January 14, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 9, 2014 and January 14, 2015.
April 23, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
March 23, 2015 - Lead plaintiff motion was filed.
January 21, 2015 - Another investor filed a complaint.
January 20, 2015 - An investor in shares of Calavo Growers Inc (NASDAQ: CVGW) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Calavo Growers Inc in connection with certain allegedly false and misleading statements made between March 5, 2012 and January 14, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Calavo Growers Inc (NASDAQ: CVGW) common shares between March 5, 2012 and January 14, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 5, 2012 and January 14, 2015 Defendants allegedly made false and/or misleading statements and/or failed to disclose that Calavo Growers Inc failed to maintain an accurately valued contingent consideration pursuant to its acquisition of RFG, that Calavo Growers Inc overstated its non-cash operating expenses, that Calavo Growers Inc lacked adequate internal controls over financial reporting, and that as a result of the above, Calavo Growers Inc's financial statements were materially false and misleading at all relevant times.
Calavo Growers Inc reported that its Total Revenue rose from $522.53 million for the 12 months period that ended on October 31, 2011 to $691.45 million for the 12 months period that ended on October 31, 2013 and that its respective Net Income grew from $11.07 million to $17.35 million. Shares of Calavo Growers Inc (NASDAQ: CVGW) grew from $21.75 per share in September 2012 to as high as $48.73 per share in November 2014.
On January 15, 2015, Calavo Growers Inc announced its fiscal 2014 fourth quarter and full year results. Calavo Growers Inc said that its Total Revenue climbed to $782.50 million for the 12 months period that ended on October 31, 2014 from $691.50 million for the 12 months period that ended on October 31, 2013 and that its respective Net Income increased from $17.3 million to $25.00 million. In addition On January 15, 2015, Calavo Growers Inc announced that it will restate its previously issued financial statements for the fiscal years ended October 31, 2013 and 2012 and the quarters therein, as well as the quarters ended January 31, 2014, April 30, 2014, and July 31, 2014. The restatements are attributable to a misstatement in Calavo Growers Inc's treatment of contingent consideration in its acquisition of Renaissance Food Group, LLC in June 2011.
Shares of Calavo Growers Inc declined from $48.30 per share on January 14, 2015, to as low as $43.00 per share on January 15, 2015, respectively $37.50 per share on January 16, 2015.