Hagens Berman Reminds IRSA Inversiones y Representaciones S.A. (NYSE: IRS) Investors of April 25, 2016 Lead Plaintiff Deadlin...
April 15 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds IRSA Inversiones y Representaciones S.A. (NYSE:IRS)
investors of the April 25, 2016 lead plaintiff deadline in the
securities fraud class action lawsuit related to IRSA’s improper
accounting for $6.7 billion debt.
If you suffered significant losses because of your purchases of
IRSA between November 3, 2014 and December 30, 2015, or have
information that will help our continuing investigation contact
Hagens Berman Partner Reed Kathrein, who is leading the firm’s
investigation by calling 510-725-3000, emailing
IRS@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/IRS. The lawsuit was filed in
the U.S. District Court for the Central District of California and
investors have until April 25, 2016 to move the court to
participate as a lead plaintiff.
The class action complaint alleges that IRSA and certain of its
directors and executives made false and misleading statements
and/or failed to disclose that: (1) IRSA’s subsidiary,
Netherlands B.V. (“Dolphin”), did not adequately qualify as a
Venture Capital Organization and, therefore, IBD Development
Corporation Limited’s (“IBDD”) $6.7 billion net debt should be
consolidated with the Company’s financial statements; (2) the
impending consolidation of IBDD’s debt would violate IRSA’s Global
Notes Indenture; (3) the terms of the February 2015 related party
transaction between Dolphin and Inversiones Financieras Del Sur
S.A.; 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.
Whistleblowers: Persons with non-public
information regarding IRSA should consider their options to help in
the investigation or take advantage of the SEC Whistleblower
program. Under the new SEC whistleblower program, whistleblowers
who provide original information may receive rewards totaling up to
30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at 510-725-3000 or
email IRS@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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