SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

August 27, 2015 09:45 ET

SHAREHOLDER NOTIFICATION: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in CaesarStone Sdot-Yam Ltd. to Contact the Firm

NEW YORK, NY--(Marketwired - August 27, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CaesarStone Sdot-Yam Ltd. ("CaesarStone" or the "Company") (NASDAQ: CSTE) of the October 26, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased CaesarStone securities between March 25, 2013 and August 18, 2015.

The complaint alleges that the Company and its executives violated the federal securities laws by failing to disclose that, as confirmed by independent lab tests, CaesarStone's products were found to contain less quartz than advertised. Furthermore, the complaint alleges that a Freedom of Information Act inquiry to the SEC showed that the Company reported overstated consolidated margins and dubiously reported an impact in rising operation costs of only 4% even with the substantial climbing costs of quartz in 2014.

This information was revealed on August 19, 2015 in a report published by Spruce Point Capital Management. The report also alleged that the Company has recently exaggerated the growth of its market share in North America and that it has been party to a growing number of lawsuits related to approximately 60 silicosis-related injuries or deaths suffered by workers and fabricators of its product in Israel.

Following the publication of the report, CaesarStone's share price dropped from a closing price of $48.04 per share on August 18, 2015, to a closing price of $44.61 on August 19, 2015 -- a $3.43 drop (over 7%).

Request more information now by clicking here: www.faruqilaw.com/CSTE. There is no cost or obligation to you.

Take Action

If you invested in CaesarStone stock or options between March 25, 2013 and August 18, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/CSTE. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding CaesarStone's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    Email contact
    Telephone: (877) 247-4292 or (212) 983-9330