NEW YORK, July 18, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Cavco Industries, Inc. ("Cavco" or the "Company") CVCO. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Cavco and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 8, 2018, Cavco revealed in a U.S. Securities and Exchange Commission ("SEC") filing that it had "received a subpoena from the SEC's Division of Enforcement requesting certain documents relating to, among other items, trading in the stock of another public company."
On this news, Cavco's stock price fell $49.48 per share, or over 23%, to close at $165.20 per share on November 9, 2018.
Then, on February 4, 2019, Cavco revealed that it had received requests for additional documents. Cavco further disclosed spending, and expecting to spend, millions of dollars on legal and insurance expenses in relation to the SEC's subpoenas and the Company's independent investigation into the matter.
On this news, Cavco's stock price fell $26.92 per share, or 16.7%, to close at $134.37 per share on February 5, 2019.
Finally, on September 2, 2021, the SEC filed a complaint against Cavco, former Chief Executive Officer Joseph Stegmayer, and former Chief Financial Officer and Chief Compliance Officer Daniel Urness. The SEC complaint alleged that Stegmayer and Urness caused Cavco to purchase shares of publicly traded companies on material non-public information.
On this news, Cavco's stock price fell $6.59 per share, or 2.5%, to close at $252.48 per share on September 3, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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