Company Announcements

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Pyxus International, Inc.

Source: Business Wire

LOS ANGELES--(BUSINESS WIRE)--Jun. 13, 2019-- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 6, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Pyxus International, Inc. (“Pyxus” or the “Company”) (NYSE: PYX) investors who purchased securities between June 7, 2018 and November 8, 2018, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On November 8, 2018, the Company disclosed that sales declined approximately 12% year-over-year due to the timing of shipments and the larger crop last year in South America.

On this news, the Company’s share price fell $7.01, or nearly 28%, to close at $18.26 on November 8, 2018, on unusually heavy trading volume.

On November 9, 2018, the SEC announced that the Company had settled charges that it had materially misstated financial statements with the Commission from at least 2011 through the second quarter of 2015 due to improper and insufficient accounting, processes, and control activities for inventory, deferred crop costs, and revenue transactions in Africa.

On this news, the Company’s share price fell $2.88, or nearly 16%, to close at $15.38 on November 9, 2018, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was experiencing longer shipping cycles; (2) that, as a result, the Company’s financial results would be materially affected; (3) that the Company lacked adequate internal control over financial reporting; (4) that the Company’s accounting policies were reasonably likely to lead to regulatory scrutiny; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Pyxus securities during the Class Period you may move the Court no later than August 6, 2019to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Source: Glancy Prongay & Murray LLP

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

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