Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Loma Negra Compa±a Industrial Argentina Sociedad An³nima (NYSE: LOMA) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Act of 1933 pursuant to the F-1 registration statement and related prospectus issued in connection with Loma’s November 2017 initial public offering (“IPO”). Loma Negra is a South American manufacturer and distributor of cement, concrete, and other building materials.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/loma-negra-compania-industrial-argentina-sociedad-anonima-dec-2018/
Loma Accused of Downplaying Corruption Scandal Exposure Faced by the Company
According to the complaint, at the time of the IPO, Loma’s Registration Statement contained misrepresentations and omissions of material fact, which include downplaying Loma’s exposure to a massive, ongoing corruption scandal engulfing its majority owner; and misrepresenting demand for its cement and other products, as well as events and trends in the Argentinian economy. Despite these misrepresentations and omissions, Loma went forward with the IPO and raised more than $1 billion in gross proceeds. Since the truth was revealed, Loma’s ADS price has plummeted over 40% from its IPO price, closing below $11 per share as of December 5, 2018.
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Loma Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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