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Harwood Feffer LLP (
www.hfesq.com) announces that a class action suit was filed on October 18, 2011 in the United States District Court for the Middle District of Tennessee against AgFeed Industries, Inc. (“AgFeed” or the “Company”) (NASDAQ: FEED) on behalf of all purchasers of AgFeed securities between March 16, 2009 and August 2, 2011 (the “Class Period”).
On August 2, 2011 AgFeed disclosed that it expected to post a loss of more than $17 million due to an increase in allowances for its bad-debt provision and that it needed to take a $9.2 million charge for the collection of outstanding receivables in its animal nutrition business. The Company stock, which closed at $1.99 per share on August 1, 2011, plummeted to $1.02 per share by August 8, 2011. Then, on September 29, 2011, the Company disclosed that it had formed a special committee to investigate accounting related to the Company’s Chinese farm assets and the validity and collectability of certain accounts receivables. AgFeed stock, which had closed at $0.69 per share on September 28, 2011, rapidly lost 30% of its value to close at $0.40 per share on October 1, 2011.