SAN FRANCISCO, April 15, 2016 (GLOBE NEWSWIRE) -- 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 .
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Contact: Reed Kathrein, 510-725-3000
