DEADLINE TOMORROW: The Law Offices of Vincent Wong Reminds Investors of Class Action Involving Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria and a Lead Plaintiff Deadline of June 28, 2016
June 27, 2016 at 10:07 am
Share
The Law Offices of Vincent Wong announce that a class action lawsuit has
been commenced in the Eastern District of Pennsylvania on behalf of
investors who purchased Cresud Sociedad Anónima Comercial, Inmobiliaria,
Financiera y Agropecuaria (“Cresud”) (NASDAQ: CRESY) American Depositary
Shares (ADRs) between May 13, 2015 and December 30, 2015.
Click here to learn about the case: http://www.wongesq.com/pslra/cresud-sociedad.
There is no cost or obligation to you.
Cresud is the majority owner of IRSA Inversiones y Representaciones
Sociedad Anónima (“IRSA”). Dolphin Netherlands B.V. (“Dolphin”) is a
subsidiary of IRSA. The complaint alleges that, throughout the Class
Period, defendants 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.
If you suffered a loss in Cresud you have until June
28, 2016 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn’t require that
you serve as a lead plaintiff. To obtain additional information, contact
Vincent Wong, Esq. either via email vw@wongesq.com,
by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra/cresud-sociedad.
Vincent Wong, Esq. is an experienced attorney that has represented
investors in securities litigation involving financial fraud and
violations of shareholder rights. Attorney advertising. Prior results do
not guarantee similar outcomes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160627005864/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.
DEADLINE TOMORROW: The Law Offices of Vincent Wong Reminds Investors of Class Action Involving Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria and a Lead Plaintiff Deadline of June 28, 2016