Loma Negra investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Loma Negra is a South American manufacturer and distributor of cement, concrete, and other building materials. In November 2017, the defendants commenced the IPO, issuing approximately 53.5 million ADS to the investing public at $19 per share, all pursuant to the Registration Statement.
The complaint alleges that the Registration Statement downplayed and misrepresented Loma Negra’s exposure to a massive, ongoing corruption scandal engulfing its majority owner. Further, the complaint alleges that the Registration Statement misrepresented a purported increased demand for Loma Negra’s cement and other products as a result of economic growth and government funding for public works projects in Argentina, as well as the purported benefits to Loma Negra from that increased demand. Finally, the Registration Statement misrepresented events and trends in the Argentinian economy, as well as Loma Negra’s exposure thereto. According to the complaint, when the truth of the defendants’ misrepresentations and omissions became known, the price of Loma Negra shares declined. By the commencement of the lawsuit, Loma Negra shares traded below $11 per share, a decline of more than 40% from the offering price.
The complaint alleges that the Registration Statement’s reported results and trends, and purported risk disclosures were false and misleading because, among other things: (i) the massive, ongoing corruption scandal investigation had uncovered evidence of bribery of the Kirchner administration in procurement of public works contracts in Argentina; (ii) Loma Negra’s majority ownership had defrauded the Argentinian government in the procurement and execution of a major public works contract, and consequently Loma Negra would likely be excluded from supplying cement to Argentinian public works contracts; (iii) the Argentinian government was already running fiscal deficits and had already delayed payments to its existing public works contractors, which thus threatened funding to major infrastructure investments; (iv) the ongoing, massive corruption among construction companies in Argentina, including Loma Negra’s parent company, and disclosure thereof, put at severe risk the foreign investment necessary to Argentinian public infrastructure projects and consequently undermined and rendered unattainable the demand for Loma Negra’s cement touted in the Registration Statement; and (v) the growth prospects for the Argentinian economy touted in the Registration Statement were already contradicted by negative macroeconomic trends, including inflation and currency exchange rates already exceeding the Argentinian government’s targets.
If you are a member of the class described above, you may no later than February 4, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at email@example.com