Company: Cavco Industries, Inc.
Kaskela Law LLC is investigating Cavco Industries, Inc. (NASDAQ: CVCO) (“Cavco” or the “Company”) on behalf of investors. The investigation seeks to determine whether Cavco and certain of its officers and/or directors made false and/or misleading statements to investors or engaged in unlawful business practices, and whether Cavco investors have been harmed as a result.
On November 8, 2018, Cavco disclosed that “on August 20, 2018, the Company received a subpoena from the SEC’s Division of Enforcement requesting certain documents relating to, among other items, trading in the stock of [a] Public Company. On October 1, 2018, the SEC sent a subpoena for documents and testimony to former Chairman, President and Chief Executive Officer, Joseph Stegmayer regarding similar issues. At this time, the Company believes that Mr. Stegmayer traded in certain publicly traded stock in his personal accounts as well as in accounts held by Cavco at a time when the Company had agreed to refrain from such trading. The Company intends to cooperate fully with the SEC’ s investigation. Effective November 8, 2018, Mr. Stegmayer stepped down as Chairman, President and Chief Executive Officer of the Company after an internal investigation, conducted by independent legal counsel to the Audit Committee of the Board of Directors, identified certain violations of Company policy related to securities trading activities conducted by Mr. Stegmayer. The internal investigation remains ongoing.”
Following this news, shares of the Company’s common stock declined $49.48 per share, or over 23%, to close on November 9, 2018 at $165.20, on heavy trading volume.
Cavco investors with financial losses in excess of $100,000, and individuals with information relevant to this investigation, are encouraged to contact Kaskela Law LLC at (888) 715 – 1740, or complete the information form on this page.