Law Offices of Howard G. Smith Alerts Abengoa, S.A. Investors to Looming Deadline
October 01 2015 - 10:42AM
Business Wire
Law Offices of Howard G. Smith reminds investors of the upcoming
October 9, 2015 deadline to file a lead plaintiff motion in
the class action filed on behalf of a class (the “Class”) of
purchasers of the securities of Abengoa, S.A. ("Abengoa" or the
"Company") (NASDAQ:ABGB) between October 17, 2013 and August 2,
2015, both dates inclusive (the "Class Period"). Investors who
suffered losses on their investment in Abengoa securities are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights.
On July 31, 2015, Abengoa announced that it was lowering its
free cash flow guidance and divesting approximately 400 million
euros in assets, and on the same day the Company CEO Santiago
Seage, stated that although Abengoa had issued the reduced
guidance, the Company "has no plan to tap the capital markets in
any manner."
However, just days later, on August 3, 2015, the Company
reversed course and announced a share issuance plan for 650 million
euros, and increased the asset divestiture to 500 million euros. In
addition to contradicting the CEO's announcement of three days'
prior, it seemed to call into question Abengoa's May 2015
representations that it had at least 400 million of undrawn working
capital lines. On this news shares of Abengoa declined in value
thereby damaging investors.
The complaint alleges that throughout the Class Period,
defendants masked liquidity problems by manipulating its financial
statements, including misstating profit margins and shifting costs
from certain projects to make them appear more profitable. Upon
disclosure of these material issues, the Company’s securities
declined sharply in value.
If you purchased shares of Abengoa during the Class Period you
may move the Court no later than October 9, 2015 to request
appointment as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151001006256/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com