INVESTOR ALERT: Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Calavo Growers, Inc.

BENSALEM, Pa.--(BUSINESS WIRE)--

Law Offices of Howard G. Smith reminds investors that purchasers of the securities of Calavo Growers, Inc. ("Calavo" or the "Company") CVGW between March 5, 2012 and January 14, 2015, inclusive (the "Class Period"), have until March 23, 2015, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Central District of California. Calavo markets and distributes avocados, prepared avocados and other perishable foods to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants worldwide.

The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose to investors material adverse facts about the earn-out payments provided under an agreement for the acquisition of Renaissance Food Group, LLC, including that: (1) Calavo failed to maintain an accurately valued contingent consideration pursuant to its acquisition of Renaissance Food Group; (2) the Company overstated its non-cash operating expenses; (3) the Company lacked adequate internal controls over financial reporting; and (4), as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On January 15, 2015, Calavo announced it will record a non-cash charge -- which the Company will treat as amortization expense -- totaling $88.9 million before tax ($54 million net of tax) related to the misstatement in its treatment of contingent consideration. Following this news, shares of Calavo dropped $4.72 per share, or more than 9%, to close at $43.07 per share on January 15, 2015.

If you are a member of the Class described above, you may move the Court no later than March 23, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.