An investor in NYSE:GRO shares filed a lawsuit against Agria Corporation over alleged violations of Federal Securities Laws
Investors who purchased shares of Agria Corporation (ADR) (NYSE:GRO) have certain options and for certain investors are short and strict deadlines running. Deadline: January 9, 2017. NYSE:GRO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that 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’s stock price in order to meet NYSE’s continuing listing standards and avoid delisting from the NYSE, that Agria lacked effective internal controls over financial reporting, and that as a result of the foregoing, Defendants’ public statements about Agira’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’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’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.
Those who purchased NYSE:GRO shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com