ROME--(BUSINESS WIRE)--Martingale Risk is investigating Saipem SpA, a world leading Italian corporation operating in the engineering and drilling sectors, for the Consob (Italian financial markets supervisory authority) sanctions which took place on February 21st, 2019, for publishing misleading financial information related to their 2015 financial statements and the January 25th-February 11th, 2016, €3.5 billion capital increase.
From January 1st to February 12th, 2016, the equity share price of Saipem dropped nearly 65%.
In October 2016, Saipem reported an unexpected write-down of about €2 billion as a method to correct their 2015 financial statements.
Visible in resolution no. 20324 of March 2nd, 2018, Consob reported irregularities in Saipem’s 2015 and 2016 financial statements. Consob then imposed pecuniary sanctions to Saipem’s CEO and CFO, as reported in resolution no. 20828, for the above violations on February 21st, 2019.
Investors who purchased the company’s equity shares prior to February 11th, 2016, are encouraged to participate in the collective action to recover their losses by contacting Martingale Risk before June 4th, 2020.
Terms and Conditions:
Martingale Risk will operate on a 25% success fee basis, covering all costs of litigation and any potential adverse costs arising from an unsuccessful lawsuit. Investors will not bear any cost in the case of full rejection of the trial or under any other outcome.
How to Proceed:
If you have invested in Saipem SpA shares prior to February 11th, 2016, please visit our website at https://martingalerisk.com/saipem_case/ for more information about Martingale Risk’s collective lawsuit.