Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible violations of federal securities laws by Imperial Sugar Company (Nasdaq:IPSU) and certain others (collectively, "Defendants") on behalf of investors who purchased Imperial Sugar securities between December 29, 2010 and August 5, 2011 (the "Class Period").
On August 5, 2011, Imperial Sugar filed its Form 10-Q for the quarter ended June 30, 2011, and shocked investors by revealing that the Company's industrial sales volumes had declined by more than 40% from the same prior year period. As a result, Imperial Sugar stock fell by over 60%, from $23.19 on August 4, 2011 to $9.44 on August 5, 2011.
In connection with this news, Weiss & Lurie is investigating whether Defendants issued materially false and misleading statements during the Class Period by, among other things, misrepresenting or failing to disclose that: (i) Imperial Sugar was experiencing a known reduction in customer demand for its products resulting from Mexican and other sugar refiners selling sugar products into Imperial Sugar's markets at steeply discounted prices; (ii) that the decline in sales volumes was primarily due to a lack of customer demand ensuing from competitors selling lower-priced products into Imperial Sugar's markets and not due to Company refinery production supply constraints; (iii) Imperial Sugar was experiencing a significant decline in its gross margins; and (iv) Imperial Sugar's Port Wentworth refinery was experiencing ongoing operating defects resulting in higher production costs and adversely impacting Imperial Sugar's gross margins.
If you purchased Imperial Sugar securities during the Class Period and suffered losses, or if you have any information that may be relevant to our investigation, please contact Michael A. Rogovin by email at info@weisslurie.com or by telephone at (888) 593-4771. If you wish to serve as lead plaintiff in a class action lawsuit against Imperial Sugar, you must file a motion with the Court by October 31, 2011. Any class member may move to serve as lead plaintiff, or can choose to do nothing and remain an absent class member.
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Contacts:
Weiss & Lurie
Michael A. Rogovin, Esq., 212-682-3025
F:
212-682-3010
www.weisslurie.com