Rigrodsky & Long, P.A. Files Class Action Lawsuit Against AgFeed Industries, Inc.
Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Middle District of Tennessee on behalf of all persons or entities who purchased or otherwise acquired the stock of AgFeed Industries, Inc. (“AgFeed” or the “Company”) (Nasdaq: FEED) between March 12, 2008 and September 29, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”). The case is entitled June W. Dougherty v. AgFeed Industries, Inc., C.A. No. 3:11-CV-01046 (M.D. Tenn.).
If you wish to view a copy of the Complaint, discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/news/AgFeed-Industries-Inc-FEED.
According to its website, AgFeed is an international agri-business with operations in the United State and China. Founded in 1995 with a focus on animal nutrition, today AgFeed is made up of three distinct operating units: Animal Nutrition, Hog Production and Harvesting.
The Complaint alleges that during the Class Period, certain directors and officers of AgFeed issued materially false and misleading statements, and failed to disclose material adverse facts, regarding the Company’s financial condition, operations and prospects. Specifically, the Complaint alleges that defendants knew and/or recklessly failed to disclose that: AgFeed had improperly accounted for the acquisition of certain farm assets in its hog production business that it had acquired in 2007 and 2008; it had failed to properly monitor and/or assess the creditworthiness of certain customers so that various accounts receivable were uncollectible; the Company’s doubtful accounts allowances were undervalued; and the Company lacked adequate internal financial controls. This, in turn, caused the Company to overstate asset values and understate expenses, which caused the price of AgFeed common stock to be artificially inflated during the Class Period.
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