Cavco Industries, Inc. (NASDAQ: CVCO)
Hagens Berman Sobol Shapiro LLP alerts investors in Cavco Industries, Inc. (NASDAQ: CVCO) to the firm's investigation into possible securities law violations.
If you purchased or otherwise acquired securities of CVCO before November 9, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing CVCO@hbsslaw.com.
After the market closed on November 8, 2018, Cavco and senior management filed the Company’s Form 10-Q for the quarterly period ended September 29, 2018 and disclosed:
“On August 20, 2018, the Company 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 October 1, 2018, the SEC sent a subpoena for documents and testimony to Joseph Stegmayer, the Company’s former Chairman, President and Chief Executive Officer, regarding similar issues. At this time, the Company believes that Mr. Stegmayer traded in certain publicly traded stock in his personal accounts as well as in accounts held by the Company at a time when the Company had agreed to refrain from such trading.”
This news drove the price of Cavco shares down $49.48, or about 23%, to close at $165.20 on November 9, 2018.
“We’re focused on investors’ losses, the extent to which management’s statements about controls and compliance matters may have been misleading,” said Hagens Berman partner Reed Kathrein.
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