STOCK NOTICE: Rosen Law Firm Reminds Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria Investors of Important Deadline in Class Action - CRESY
May 09, 2016 at 11:19 am EDT
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Rosen Law Firm, a global investor rights law firm, reminds purchasers of
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y
Agropecuaria American Depositary Receipts (NASDAQ: CRESY) from May 13,
2015 through December 30, 2015, both dates inclusive (the “Class
Period”) of the important June 28, 2016 lead plaintiff deadline in the
class action filed by the firm. The lawsuit seeks to recover damages for
Cresud investors under the federal securities laws.
To join the Cresud class action, go to the firm’s website at http://rosenlegal.com/cases-797.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.
Cresud is the majority owner of IRSA Inversiones y Representaciones
Sociedad Anónima (“IRSA”). Dolphin Netherlands B.V. (“Dolphin”) is a
subsidiary of IRSA. According to the lawsuit, defendants throughout the
Class Period issued false and misleading statements to investors and/or
failed to disclose that: (1) 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) as such, Cresud’s financial statements
failed to consolidate IDBD’s $6.7 billion net debt; (3) IRSA’s impending
consolidation of IDBD’s debt would violate IRSA’s Global Notes
Indenture, as IRSA would be in breach of the “Incurrence of Additional
Indebtedness” covenant, which prohibits its EBITDA to interest coverage
ratio to be less than 1.75x; and (4) as a result, the Company’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 June 28, 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-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/20160509006071/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.
STOCK NOTICE: Rosen Law Firm Reminds Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria Investors of Important Deadline in Class Action - CRESY