We are investigating Pyxus International, Inc. f/k/a Alliance One International, Inc. (PYX) (“Pyxus” or the “Company”) for potential violations of the federal securities laws.
On November 8, 2018, Pyxus disclosed that its sales declined approximately 12% year-over-year due to the timing of shipments and a larger crop yield in South America. On this news, Pyxus’s stock price fell $7.01 per share, or nearly 28%, to close at $18.26 per share on November 8, 2018. Then, on November 9, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced that Pyxus had settled charges that it had materially misstated its financial statements filed with the SEC from at least 2011 through the second quarter of 2015 due to improper and insufficient accounting, processes, and control activities for inventory, deferred crop costs, and revenue transactions in Africa. On this news, Pyxus’s stock price fell $2.88 per share, or nearly 16%, to close at $15.38 per share on November 9, 2018.