Amira Nature Foods Ltd Announces the Court Granted Its Motion to Dismiss Class Action Lawsuit

Press Releases  |

DUBAI, United Arab Emirates--()--Amira Nature Foods Ltd (NYSE: ANFI) (the "Company"), a leading global provider of branded packaged specialty rice, announced today 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.

About Amira Nature Foods Ltd

Founded in 1915, Amira has evolved into a leading global provider of branded packaged specialty rice, including Basmati and other food products, with sales across five continents around the world. The Company primarily sells Basmati rice, which is a premium long-grain rice grown only in the geographically indicated region of the Indian sub-continent, under its flagship Amira brand as well as under other third party brands. Amira sells its products through a broad distribution network in both the developed and emerging markets. The Company’s global headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, Germany, the United Kingdom, and the United States. Amira Nature Foods Ltd is listed on the New York Stock Exchange (NYSE) under the ticker symbol “ANFI.”

For more information, please visit www.amira.net

Safe Harbor for Forward-Looking Statements

This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “except,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. There is no assurance that our current expectations and projections are accurate. These forward-looking statements include, but are not limited to:

  • our goals and strategies;
  • our operations and expansion plans;
  • our future business development, results of operations, financial condition and financial statements;
  • our ability to protect our intellectual property rights;
  • projected revenue, profits, earnings and other estimated financial information;
  • our ability to maintain strong relationships with our customers and suppliers;
  • the continued application of the proceeds from our initial public offering (“IPO”);
  • governmental policies regarding our industry; and
  • the impact of legal proceedings.

We would like to caution you not to place undue reliance on forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Risk Factors” appearing in the Annual Report. Those risks are not exhaustive. We operate in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

Contacts

For Investor Inquiries:
Amira Nature Foods Ltd
Bruce Wacha, 646-779-1984
Chief Financial Officer
bruce.wacha@theamiragroup.com

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.

Companies

Symbol Name Price Change % Volume
ANFI Amira Nature Foods Ltd 0.39 0.01 2.67 218,312 Trade

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