GPM Announces the Filing of a Securities Class Action on Behalf of Abengoa, S.A. Investors
October 07 2015 - 8:58PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces the filing of
a class action lawsuit on behalf of investors of Abengoa, S.A.
("Abengoa" or the "Company") (NASDAQ:ABGB) securities between
October 17, 2013 and August 2, 2015, both dates inclusive (the
"Class Period").
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 seek
appointment as lead plaintiff. If you have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy of GPM,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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Glancy Prongay & Murray, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com