LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Abengoa, S.A. ("Abengoa" or the "Company") (NASDAQ:ABGB) securities between October 17, 2013 and August 2, 2015, both dates inclusive (the "Class Period").
On July 31, 2015, Abengoa announced that it was lowering its free cash flow guidance and divesting approximately 400 million euros in assets, and on the same day the Company CEO Santiago Seage stated that although Abengoa had issued the reduced guidance, the Company "has no plan to tap the capital markets in any manner."
However, just days later, on August 3, 2015, the Company reversed course and announced a share issuance plan for 650 million euros, and increased the asset divestiture to 500 million euros. In addition to contradicting the CEO's announcement of three days' prior, it seemed to call into question Abengoa's May 2015 representations that it had at least 400 million of undrawn working capital lines. On this news shares of Abengoa declined in value, thereby damaging investors.
The complaint alleges that throughout the Class Period, defendants masked liquidity problems by manipulating its financial statements, including misstating profit margins and shifting costs from certain projects to make them appear more profitable. Upon disclosure of these material issues, the Company’s securities declined sharply in value.
If you purchased shares of Abengoa during the Class Period you may move the Court no later than October 9, 2015, to seek appointment as lead plaintiff. If you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.