Actionable news
All posts from Actionable news
Actionable news in NQ: NQ MOBILE Inc,

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

DUBAI, United Arab Emirates--(BUSINESS WIRE)--

Amira Nature Foods Ltd (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...