Cadiz Inc (NASDAQ: CDZI) Investor Securities Class Action Lawsuit 04/24/2015

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Company Name(s): 
Cadiz
Case Name: 
Cadiz Shareholder Class Action Lawsuit 04/24/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: CDZI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/24/2015
Class Period Begin: 
03/11/2014
Class Period End: 
10/09/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
06/23/2015
Date Settled: 
09/30/2016
Settlement Amount: 
$3,000,000
Deadline to Participate in Settlement: 
12/14/2016
Settlement Notice: 
Settlement Proof: 
Summary: 

The settlement includes all persons, who purchased the common stock of Cadiz Inc between March 11, 2014 and October 9, 2015, and did not sell all of such stock prior to April 21, 2015.

April 24, 2018 - The court ordered the authorization of the distribution of the net settlement fund.

February 8, 2017 - The court approved the settlement and dismissed the action with prejudice.

February 6, 2017 - The court held a final settlement hearing.

September 30, 2016 - The court preliminarily approved the settlement.

June 16, 2016 - Parties filed a stipulation of settlement.

December 2, 2015 - Defendants filed a motion to dismiss.

October 21, 2015 - The lead plaintiff filed a second amended complaint.

September 14, 2015 - The lead plaintiff filed an amended complaint.

July 16, 2015 - Lead plaintiff and lead counsel were appointed.

June 24, 2015 - Lead plaintiff motions were filed.

April 24, 2015 - An investor in shares of Cadiz Inc (NASDAQ: CDZI) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Cadiz Inc in connection with certain allegedly false and misleading statements made between March 10, 2014 and April 21, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Cadiz Inc (NASDAQ: CDZI) common shares between March 10, 2014 and April 21, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that the Bureau of Land Management had previously determined that Cadiz Valley Water Conservation, Recovery and Storage Project did not meet a “railroad purpose” as required to use an existing right-of-way on government land and that the B Bureau of Land Management’s determination concerning the Cadiz Valley Water Conservation, Recovery and Storage Project t in conjunction with the 2012 Consolidated Appropriations Act rendered the project unviable.

Cadiz Inc reported that its annual Total Revenue rose from $0.30 million in 2013 to $0.34 million in 2014 and that its respective Net Loss declined from $22.68 million to $18.88 million. Shares of Cadiz Inc (NASDAQ: CDZI) grew from $4.36 per share in August 2013 to as high as $13.31 per share in August 2014.

On April 21, 2015, a report was published alleging, among other things, that Cadiz Inc’s water mining project has effectively failed with imminent NEPA federal review and that governing authority Metropolitan Water District has definitively stated that it has “already made the determination” and “don’t see how it can be built,” while also indicating subsidy impossibility.

Shares of Cadiz Inc (NASDAQ: CDZI) declined to as low as $8.06 per share on April 22, 2015.