Cnova N.V. is an e-commerce company with its two markets in France and Brazil. The Company offers differentiated delivery and payment solutions.

According to the law firm press release, the Complaint charges Cnova and certain of its officers, directors, and underwriters of the Company’s IPO with violations of the federal securities laws. Specifically, the Complaint alleges that, within the Company’s IPO registration statement, and/or throughout the Class Period, Defendants failed to disclose: (1) that the Company overstated net sales; (2) that the Company failed to properly write-off the value of certain returned items; (3) that there was a material discrepancy in accounts receivable related to the damaged/returned items; (4) that, as such, the Company’s EBIT was overstated; (5) that the company lacked adequate internal controls; and (6) that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Cnova’s business, operations, and prospects were materially false and misleading at all relevant times.

On April 15, 2016, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiffs filed an amended complaint on June 13 and an amended and supplemental consolidated complaint on August 16.

On September 22, 2017, the parties entered into an Agreement of Settlement. This Settlement was preliminarily approved on October 11. On March 20, 2018, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order directing distribution of the Settlement fund on January 12, 2021.