EQUITY ALERT: Rosen Law Firm Files Securities Class Action Lawsuit Against IRSA Inversiones y Representaciones S.A. - IRS
May 09 2016 - 3:25PM
Business Wire
Rosen Law Firm, a global investor rights law firm, announces
that it has filed a class action lawsuit on behalf of purchasers of
IRSA Inversiones y Representaciones S.A. American Depositary
Receipts (NYSE:IRS) from November 3, 2014 through December 30,
2015, both dates inclusive (the “Class Period”). The lawsuit seeks
to recover damages for IRSA investors under the federal securities
laws.
To join the IRSA class action, go to the firm’s website at
http://rosenlegal.com/cases-796.html or call Phillip Kim, Esq. or
Kevin Chan, Esq. toll free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for more information on
the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period Defendants
issued false and misleading statements to investors and/or failed
to disclose that: (1) IRSA’s subsidiary, Netherlands B.V.
(“Dolphin”), does not adequately qualify as a Venture Capital
Organization, and therefore, IDB Development Corporation Limited’s
(“IDBD”) $6.7 billion net debt should be consolidated with IRSA’s
financial statements; (2) the impending consolidation of IDBD’s
debt would violate IRSA’s Global Notes Indenture; (3) the terms of
the February 10, 2015 related party transaction between Dolphin and
Inversiones Financieras Del Sur S.A.; and (4) as a result, IRSA’s
public statements were materially false and misleading at all
relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than July
8, 2016. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. If you
wish to join the litigation, go to the firm’s website at
http://rosenlegal.com/cases-796.html for more information. You may
also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law
Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com
or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20160509006474/en/
Laurence Rosen, Esq.Phillip Kim, Esq.Kevin Chan, Esq.The Rosen
Law Firm, P.A.275 Madison Avenue, 34th FloorNew York, NY 10016Tel:
(212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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