NEW YORK, March 16, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a securities class action has been filed in the
United States District Court for the Southern District of
New York, and docketed under
16-cv-00498, on behalf of those who purchased shares of Cnova N.V.
("Cnova" or the "Company") (NASDAQ: CNV), (1) pursuant and/or
traceable to the Company's Registration Statement and Prospectus
(collectively, the "Registration Statement") issued in connection
with the Company's initial public offering on or about November 19, 2014 (the "IPO" or the "Offering");
and/or (2) during the period between November 19, 2014 and December 18, 2015 inclusive (the "Class
Period").
Cnova is an e-commerce company that sells home appliances,
consumer electronics, computers, and home furnishings online.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, and failed to
reveal material adverse facts about the Company's business,
operations, and prospects. Specifically, Defendants made false
and/or misleading statements and/or failed to disclose: (1) that
the Company overstated net sales; (2) that the Company failed to
properly write-off the value of certain returned items; (3) that
there was a material discrepancy in accounts receivable related to
the damaged/returned items; (4) that, as such, the Company's EBIT
was overstated; (5) that the company lacked adequate internal
controls; and (6) that, as a result of the foregoing, the Company's
financial statements and Defendants' statements about Cnova's
business, operations, and prospects, were materially false and
misleading at all relevant times.
On November 19, 2014, Cnova priced
its IPO of 26,800,000 shares, at $7.00 per share, exclusive of the backers'
over-allotment option to purchase 4,020,000 additional shares.
On December 18, 2015, after the
market closed, Cnova released "Cnova N.V. Initiates a Review of
Inventory in Brazil." Included in
this release, Cnova unveiled that its 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. According to the Company, the issues include
the handling of product returns and damaged product inventory at
distribution centers of Cnova's Brazilian subsidiary, Cnova
Comércio Eletrônico S.A.
Following this news, Cnova shares dropped $0.53 or over 18% to close at $2.42 per share on December 21, 2015, hurting shareholders.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint or join the action, please visit
the firm's site: http://www.bgandg.com/#!cnv/it46z. To discuss this
action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in Cnova N.V. you have until March 21, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/deadline-alert-bronstein-gewirtz--grossman-llc-reminds-investors-of-class-action-against-cnova-nv-and-lead-plaintiff-deadline-march-21-2016-300234534.html
SOURCE Bronstein, Gewirtz & Grossman, LLC
