NEW YORK, May 6, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria ("Cresud" or the "Company") (NASDAQ: CRESY). The class action has been filed on behalf of a class consisting of all persons or entities who purchased Cresud American Depository Receipts during the period between May 13, 2015 and December 30, 2014 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Cresud is the main owner of IRSA Inversiones y Representaciones Sociedad Anónima ("IRSA") and Dolphin Netherlands B.V. ("Dolphin") is IRSA's subsidiary.
The Complaint alleges that Defendants made materially false and misleading statements to investors and/or failed to disclose that: (1) Dolphin does not satisfactorily qualify as a Venture Capital Organization, and thus, IDB Development Corporation Limited's ("IDBD") $6.7 billion debt should be combined with IRSA's fiscal reports; (2) Cresud's fiscal reports failed to combine IDBD's $6.7 billion net debt; (3) IRSA's looming consolidation of IDBD's debt would violate IRSA's Global Notes Indenture, as IRSA would be in breach of the "Incurrence of Additional Indebtedness", which disallows the EBITDA to interest coverage ratio to be less than 1.75x; and (4) consequentially, the Company's public statements were materially false and misleading at all relevant times.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!cresy/hrxk9. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Cresud you have until June 28, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC