NEW YORK, Dec. 28, 2015
/PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of
investors of IRSA Inversiones y Representaciones S.A. ("IRSA" or
the "Company") (NYSE: IRS). Such investors are advised
to contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
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.
On this news, shares of IRSA fell $1.25, or 7.7%, to close at $15.06 on November 20,
2015.
The Pomerantz Firm, with offices in New York, Chicago, Los
Angeles, and Florida, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established,
fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has
recovered numerous multimillion-dollar damages awards on behalf of
class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP