Amira Nature Foods Ltd. is a food company primarily engaged in the distribution of basmati rice and related food products.

According to the law firm press release, the lawsuit alleges that throughout the Class Period: (a) according to Indian government export documents, Amira fraudulently overstated its Indian-produced basmati rice exports, thereby overstating revenues by at least 24% and 18.7% in FY 2013 and 2014, respectively; (b) Amira concealed that many of its counterparties are secretly related parties, including its largest customer, one of its largest suppliers/National distributor, a company (secretly owned by Amira’s CEO) to whom Amira proposes to pay $30 million to buy land that company bought for far less, and over a dozen related parties that were situated inside Amira’s headquarters, some of which are in the same business as Amira, that appear to be directed by Amira’s CEO or his wife, and that Amira had to disclose that transactions with these entities were related party transactions, but it did not; (c) Amira’s CEO used company money to pay his own personal household expenses, including salaries for a personal house manager and a chef for his farmhouse.

The lawsuit alleges that the truth was disclosed on two occasions, on April 3, 2013, causing its stock price to fall to $1.10 by April 5, or almost 20%, from its close on April 2, and on February 9, 2015, causing Amira’s stock price to fall $3.45, or almost 26% from its previous close.

On July 18, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint.

On August 12, 2016, the Court dismissed this case for lack of prosecution.