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NEW YORK, March 18, 2016 -- Rosen Law Firm, a global investor rights law firm, announces the filing of 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 [email protected] or [email protected] 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 April 25, 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 [email protected] or [email protected].
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] [email protected] [email protected] www.rosenlegal.com
