Amira Nature Foods (ANFI) Says Court Grants Motion to Dismiss Class Action Suit

August 22, 2016 8:01 AM EDT
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Amira Nature Foods Ltd (NYSE: ANFI) announced that the court granted the Company’s motion to dismiss class action lawsuit.

In February 2015, two proposed shareholder class action lawsuits were filed against Amira Nature Foods Ltd in the United States District Court for the Central District of California. The complaints, which were subsequently consolidated, (the “Class Action”) named as defendants the Company and certain of its current and former officers and directors. The Class Action purported to state claims for violation of Section 11 and Section 15 of the Securities Act and Section 10(b) and Section 20(a) of the Exchange Act.

The Company contested the allegations in the Class Action and on October 22, 2015, filed a Motion to Dismiss the Class Action, as amended.

On July 18, 2016 the Court granted the Company’s Motion to Dismiss the Class Action in its entirety and provided Plaintiffs with a deadline of August 4, 2016, to re-file an amended complaint which Plaintiffs failed to do.

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