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NEW YORK, Jan. 20, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Cnova N.V. (“Cnova”) (NASDAQ:CNV) pursuant to the Initial Public Offering on November 20, 2014.
You are hereby notified that a securities class action lawsuit has been commenced in the Supreme Court of the State of New York, County of New York. If you purchased or otherwise acquired Cnova securities pursuant to the IPO, your rights may be affected by this action. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that Cnova’s Registration Statement failed to disclose that the company’s operations were suffering a serious slowdown and that the company’s Brazil operations lacked sufficient controls.
On November 20, 2014, Cnova successfully raised approximately $188 million in its IPO. The Registration Statement stressed the company’s particular strength in Brazil, and emphasized the company’s increased market share and profitability in the Brazilian market. Then on January 29, 2015, Cnova revealed for the first time that its Brazilian operations were in the midst of a marked slowdown. Then on December 18, 2015, Cnova announced that the company's Board of Directors engaged legal advisors and external forensic accountants to perform a review of issues in connection with employee misconduct related to inventory management predominantly in Brazil.
If you suffered a loss in Cnova and would like to obtain additional information, contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/cnova.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
