A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Agria Corporation (ADR) (NYSE:GRO) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 23, 2017 and NYSE:GRO investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/03/2017 -- A deadline is coming up on October 23, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Agria Corporation (ADR) (NYSE:GRO) between June 08, 2016 through November 4, 2016.
Investors who purchased a significant amount of shares of Agria Corporation (ADR) (NYSE:GRO) between June 08, 2016 through November 4, 2016, have certain options and should contact the Shareholders Foundation by email at email@example.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Agria Corporation (ADR) (NYSE:GRO) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/agria-corporation-adr-nyse-gro-investor-securities-class-action-lawsuit-11092016
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 23, 2017. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Agria Corporation in connection with certain allegedly false and misleading statements made between December 16, 2011 through November 4, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Agria Corporation (ADR) (NYSE:GRO) common shares between December 16, 2011 through November 4, 2016, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between December 16, 2011 through November 4, 2016 the defendants throughout the class period made false and/or misleading statements and/or failed to disclose that defendants engaged in trading to artificially inflate Agria Corporation's stock price in order to meet NYSE's continuing listing standards and avoid delisting from the NYSE, that Agria Corporation lacked effective internal controls over financial reporting, and that as a result of the foregoing, defendants' public statements about Agria Corporation's business, operations, and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Agria Corporation reported that its Total Revenue declined from $944.71 million for the 12 months period that ended on June 30, 2015 to $807.68 million for the 12 months period that ended on June 30, 2016 and that its Net Loss for those respective time periods increased from $0.45 million to $9.23 million.
On November 4, 2016, Agria Corporation announced it had received a letter stating the New York Stock Exchange planned to commence proceedings to delist Agria Corporation's American Depositary Shares ("ADSs"). According to Agria Corporation, the NYSE letter stated that it had identified evidence indicating that a top executive and other intermediaries engaged in trading intended to artificially inflate Agria Corporation's stock price, and that the Company provided incomplete, misleading, or false information in connection with investigations related to these issues. Trading of the Company's ADSs was suspended on November 3, 2016.
Agria Corporation is an agricultural company. The Company operates in three business segments: seed and grain; crop protection, nutrients and merchandise, and rural services.
Those who purchased shares of Agria Corporation (ADR) (NYSE:GRO) have certain options and should contact the Shareholders Foundation.
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