Friday, January 22, 2016

Faruqi & Faruqi Alert: Cnova N.V.


Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cnova N.V. (“Cnova” or the “Company”) (NasdaqGS:CNV) of the March 21, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Cnova securities between the initial public offering on or about November 19, 2014 (the “IPO”) and December 18, 2015 (the “Class Period”). The case, UMON v. Cnova N.V. et al, No. 1:16-cv-00498 was filed on January 22, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the material discrepancy in accounts receivable related to the damaged/returned items which in turn overstated net sales, did not properly discounted the write-off value of returned items and inflated EBIT in the Company’s financial statements.
When this information was released to the public after markets closed via a Company press release on December 18, 2015, share price fell $0.53, or nearly 18%, to close at $2.42 on December 21, 2015.
Take Action
If you invested in Cnova stock between November 19, 2014, and December 18, 2015, and would like to discuss your legal rights, fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.comFaruqi & Faruqi, LLP also encourages anyone with information regarding Cnova’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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