Levi & Korsinsky, LLP announces the filing of a class action lawsuit in the Supreme Court of the State of New York, County of New York on behalf of shareholders of Cnova N.V. (NASDAQGS: CNV) pursuant to the November 20, 2014 Initial Public Offering.
The complaint alleges that Cnova’s Registration Statement failed to disclose that the company’s operations were suffering a serious slowdown and that the company’s Brazil operations lacked sufficient controls.
On November 20, 2014, Cnova successfully raised approximately $188 million in its IPO. The Registration Statement stressed the company’s particular strength in Brazil, and emphasized the company’s increased market share and profitability in the Brazilian market. Then on January 29, 2015, Cnova revealed for the first time that its Brazilian operations were in the midst of a marked slowdown. Then on December 18, 2015, Cnova announced that the company’s Board of Directors engaged legal advisors and external forensic accountants to perform a review of issues in connection with employee misconduct related to inventory management predominantly in Brazil.
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