Abengoa, S.A. : American Depositary Shares Securities Litigation
On or around 10/28/2018 (Date of last review)
Filing Date: August 10, 2015
According to the law firm press release, the Complaint alleges that Abengoa and certain of its former and current executive officers and directors have misrepresented the liquidity of the Company's balance sheet.
On July 31, 2015, the Company announced it would lower its free cash flow guidance and a plan to divest itself of 400 million euros in assets. Despite this statement, Defendant maintained that "the company has no plan to…tap the capital markets in any manner." Then on August 3, 2015, contrary to this statement, Abengoa announced a share issuance plan to raise 650 million euros, along with an asset divestiture totaling 500 million euros. Upon this news, Abengoa ADSs plunged over $5 per share, or 46% to a close of just $6.00 on August 4, 2015.
Plaintiffs filed an amended Complaint on August 2, 2016. On October 28, 2019, Lead Plaintiffs filed a second amended Complaint.
Company & Securities Information
Defendant: Abengoa, S.A.
Ticker Symbol: ABGB
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Michael Francisco, et al. v. Abengoa, S.A., et al.