Cresud C I F y A : Rosen Law Firm Announces Investigation of Securities Claims Against Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria
December 03, 2015 at 01:39 pm EST
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Rosen Law Firm, a global investor rights law firm, announces it is
investigating potential securities claims on behalf of shareholders of
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y
Agropecuaria (NASDAQ:CRESY) resulting from allegations that CRESY may
have issued materially misleading financial statements to the investing
public.
CRESY owns approximately 64% of IRSA Inversiones y Representaciones S.A
(NYSE: IRS). On November 19, 2015, Spruce Point Capital Management
published a report asserting, among other things, that: (1) IRSA is
keeping ~$7 billion of net debt off its books by not consolidating its
controlling investment in Israel's IDB Development Corp.; and (2) IRSA
may therefore be in violation of its debt covenant under its existing
US$300m Global Bond indenture that requires it to maintain an
EBITDA/Interest coverage of 1.75x. In addition, the report alleged that
certain related party transactions had not been disclosed fully. On this
news, shares of CRESY have declined, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses
suffered by CRESY investors. If you purchased shares of CRESY on or
before November 19, 2015, please visit the firm’s website at http://rosenlegal.com/cases-797.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.
Attorney Advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151203006122/en/
Cresud SACIF y A is an Argentina-based company engaged mainly in telecommunications sector. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. It is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.
Cresud C I F y A : Rosen Law Firm Announces Investigation of Securities Claims Against Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria