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 - EconoTimes)
NEW YORK, March 30, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Inventure Foods, Inc. (“SNAK” or the “Company”) (Nasdaq:SNAK) in the United States District Court for the District of Arizona on behalf of a class consisting of investors who purchased or otherwise acquired SNAK stock on the open market from March 3, 2016 through March 16, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges claims under the Securities Exchange Act of 1934. According to the Complaint, throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose: (1) that the Company lacked adequate internal controls over accounting and financial reporting; (2) that, as a result, the Company’s statements of operations in its fiscal year 2015 results press release contained incorrect figures; and (3) that, as a result of the foregoing, Defendants’ statements about Inventure Foods’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 9, 2017, Inventure revealed that it would delay its annual filing on Form 10-K for its fiscal year ended December 31, 2016. On March 16, 2017, Inventure filed a notice with the SEC revealing that it would delay its 2016 fiscal year annual report. The Company also said that it believes its statements of operations contained in the annual report “will differ materially” from those reported for its fourth quarter and fiscal year 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than May 30, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
