Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been Filed Against YPF Sociedad Anonima
by PR Newswire
NEW YORK, Feb. 6, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the Southern District of New York on behalf of all who purchased the American Depositary Shares ("ADSs") of YPF Sociedad Anonima ("YPF" or the "Company") (NYSE: YPF) pursuant and/or traceable to the Company's March 23, 2011 offering (the "Offering") seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act").
On or about November 26, 2010, YPF filed a Form F-3 Registration Statement (the "Registration Statement") for the Offering with the SEC. On or about March 23, 2011, more than 26.2 million shares of YPF ADSs were sold to the public at $41 per share, thereby valuing the total size of the Offering at more than $1 billion.
The complaint alleges that the Registration Statement failed to disclose and misrepresented the following adverse facts, among others, which existed at the time of the Offering: (1) that the Company faced a risk of nationalization by the Argentinean government; (2) that the risk of nationalization had increased because of the Company's failure to: (a) adequately produce oil and gas within Argentina; and (b) reinvest a substantial portion of its profits back into the Company and its operations; (3) that the Company was in breach of its concession contracts with various Argentinean provinces; and (4) that nationalization by the Argentinean government would likely have a severe adverse effect on shareholders and on the Company's market value. According to the complaint, the instructions and regulations that govern the preparation of the Registration Statement require that YPF disclose the facts detailed above. The Registration Statement, however, failed to include these material facts.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 59 days from today is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC