NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) resulting from allegations that CRESY may have issued materially misleading financial statements to the investing public.
CRESY owns approximately 64% of IRSA Inversiones y Representaciones S.A (NYSE: IRS). On November 19, 2015, Spruce Point Capital Management published a report asserting, among other things, that: (1) IRSA is keeping ~$7 billion of net debt off its books by not consolidating its controlling investment in Israel's IDB Development Corp.; and (2) IRSA may therefore be in violation of its debt covenant under its existing US$300m Global Bond indenture that requires it to maintain an EBITDA/Interest coverage of 1.75x. In addition, the report alleged that certain related party transactions had not been disclosed fully. On this news, shares of CRESY have declined, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by CRESY investors. If you purchased shares of CRESY on or before November 19, 2015, please visit the firm’s website at http://rosenlegal.com/cases-797.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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