AgFeed (FEED) Securities Purchasers & Acquirers File Class Action Lawsuit Against AgFeed For Alleged Securities Law Violations.
A securities fraud class action lawsuit has been filed against animal nutrition and commercial hog producing company Agfeed Industries, Inc. (“Agfeed”) and certain AgFeed officers and directors (“Defendants”) in the United States District Court for the Middle District of Tennessee in Nashville (styled June W. Dougherty v. Agfeed Industries, Inc.), alleging, among other things, that AgFeed failed to disclose that AgFeed had allegedly improperly accounted for the acquisition of certain farm assets in its hog production business that it had acquired in 2007 and 2008, that it had allegedly failed to properly monitor and/or assess the creditworthiness of certain customers so that various accounts receivable were uncollectible, that its doubtful accounts allowances were allegedly undervalued and that AgFeed allegedly lacked adequate internal financial controls, according to the AgFeed Securities class action lawsuit complaint.
Plaintiffs reportedly bring the AgFeed Securities action as a class action pursuant to Federal Rule of Civil Procedure 23(a) and (b)(3) on behalf of a Class, consisting of all those who, unless otherwise excluded, purchased or otherwise acquired AgFeed securities between March 12, 2008 and September 29, 2011, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). The AgFeed Securities class action lawsuit complaint reportedly asserts claims for alleged violations of Section 10 and Section 20(a) of the Exchange Act.
If You Have Thoughts On The AgFeed Securities Class Action Lawsuit, Share Your Class Action Comments Below.