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IRSA Inversiones y Representaciones Sociedad Anonima : American Depositary Receipts

Case Summary

IRSA Inversiones y Representaciones Sociedad Anonima : American Depositary Receipts Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 10/10/2018 (Other)

Filing Date: February 23, 2016

According to the law firm press release, the lawsuit alleges 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.

Company & Securities Information

Defendant: IRSA Inversiones y Representaciones Sociedad Anonima

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate Operations
Headquarters: Argentina

SECURITIES INFORMATION:

Ticker Symbol: IRS
Company Market: New York SE
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

Melissa Butts, et al. v. IRSA Inversiones y Representaciones Sociedad Anonima, et al.

COURT: S.D. New York
DOCKET #: 16-CV-01234
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 02/23/2016
CLASS PERIOD START: 11/03/2014
CLASS PERIOD END: 12/30/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of Federal Securities Laws 02/23/2016
2 U.S. District Court Civil Docket 05/04/2016
3 Notice Of Voluntary Dismissal Pursuant To Fed. R. Civ. P. 41(a)(1)(A)(i) 05/04/2016

Reference Complaint

Stefan Sachsenberg, et al. v. IRSA Inversiones y Representaciones Sociedad Anonima, et al.

COURT: S.D. New York
DOCKET #: 16-CV-05743
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 02/13/2017
CLASS PERIOD START: 02/11/2015
CLASS PERIOD END: 12/30/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Stipulated Order 07/13/2016
2 Order Granting Motion Of Stefan Sachsenberg For Appointment As Lead Plaintiff And For Approval Of Lead Counsel For The Class 12/08/2016
3 Amended Class Action Complaint for Violations of Federal Securities Laws 02/13/2017
4 Opinion & Order 09/10/2018
5 Judgment 09/10/2018
6 Notice of Appeal 10/09/2018
7 U.S. District Court Civil Docket 10/10/2018
 
 

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