The Shareholders Foundation announces that an investor, who purchased shares of CBD Energy Ltd (NASDAQ:CBDE), filed a lawsuit in the U.S. District Court for the Eastern District of Texas over alleged violations of Federal Securities Laws by CBD Energy Ltd in connection with certain allegedly false and misleading statements made between June 12, 2014 and October 24, 2014.
Investors who purchased shares of CBD Energy Ltd (NASDAQ:CBDE) have certain options and for certain investors are short and strict deadlines running. Deadline: December 26, 2014. NASDAQ:CBDE investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of CBD Energy Ltd (NASDAQ:CBDE) common shares between June 12, 2014 and October 24, 2014, that the defendants violated Federal Securities Laws.
CBD Energy Ltd reported that its Total Revenue rose from $53.68 million for the 12 months period that ended on June 30, 2012 to $74.59 million for the 12 months period that ended on June 30, 2013 and that its respective Net Loss declined from $40.12 million to $12.26 million.
On October 24, 2014, CBD Energy Ltd announced that its previously issued audited financial statements for the fiscal years 2012 and 2013 and interim financial statements for the six months ended December 31, 2013 cannot be relied upon by investors.
According to CBD Energy Ltd, certain related-party transactions involving its Executive Chairman and Managing Director, Mr. McGowan, were not accurately disclosed in its financial statements.
CBD Energy Ltd said that its the Audit Committee determined that the interim financial statements as of and for the six months ended December 31, 2013 should no longer be relied on because of uncertainty about any expectation of realizing full (or any) value of a deposit of approximately $680,000 made in December, about the adequacy of disclosures regarding goodwill and the possibility of recognizing an impairment, about the capitalization of certain payments related to the costs of issuing retail bonds in the United Kingdom, and about classification of certain expenses.
Shares of CBD Energy Ltd (NASDAQ:CBDE) closed on November 3, 2014, at $
Those who purchased shares of CBD Energy Ltd have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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