NEW YORK, Dec. 3, 2015 /PRNewswire/ -- Attorney Advertising
-- Bronstein, Gewirtz & Grossman, LLC is investigating
potential claims on behalf of purchasers of the securities of IRSA
Inversiones y Representaciones S.A. ("IRSA" or the "Company")
(NYSE: IRS -News). Such investors are advised to contact
Peretz Bronstein or his investor
relations coordinator Eitan Kimelman
at info@bgandg.com or 212-697-6484.
The investigation concerns whether IRSA and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On November 19, 2015, Spruce Point
Capital Management published a report on IRSA asserting, among
other things, that IRSA is keeping roughly $7 billion of net debt off the Company's books by
not consolidating its controlling investment in Israel's IDB Development Corp., and that IRSA
may therefore be in violation of its debt covenant under its
existing $300 million Global Bond
indenture that requires it to maintain an EBITDA/Interest coverage
of 1.75x. In addition, the Spruce Point report alleged that certain
of IRSA's related party transactions had not been fully
disclosed.
Following this news, shares of IRSA fell $1.25, or 7.7%, to close at $15.06 on November 20,
2015.
If you are aware of any facts relating to this investigation, or
purchased shares of IRSA, you can assist this investigation by
contacting Peretz Bronstein or his
Investor Relations Coordinator Eitan
Kimelman of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email info@bgandg.com. Those who inquire
by e-mail are encouraged to include their mailing address, email
and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not guarantee
similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC