IRSA Inversiones y Representaciones Sociedad Anonima ("IRSA") is a real estate development firm in Argentina.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) IRSA’s subsidiary, Netherlands B.V. (“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) the impending consolidation of IDBD’s debt would violate IRSA’s Global Notes Indenture; (3) the terms of the February 10, 2015 related party transaction between Dolphin and Inversiones Financieras Del Sur S.A.; and (4) as a result, IRSA’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.

On May 4, 2016, the Plaintiff filed a Notice voluntarily dismissing the first filed action. After this dismissal, a related action was filed in the Eastern District of Pennsylvania under 16-CV-02213.

On July 19, 2016, this action was transferred to the Southern District of New York and docketed under 16-CV-05743. On December 8, the Court issued an Order appointing Lead Plaintiff and Counsel. On February 13, 2017, Lead Plaintiff filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on April 14. On September 10, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. On October 9, Lead Plaintiff filed a notice appealing the Court's Order of dismissal. On December 18, Lead Plaintiff voluntarily dismissed the appeal. The Court issued an Order dismissing the case with prejudice on May 15, 2019.