Scott+Scott Attorneys at Law LLP Announces Investigation into Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA)
Aug. 01, 2018
NEW YORK--(BUSINESS WIRE)--Aug 1, 2018--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is investigating whether Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA) (“Loma Negra” or the “Company”) or certain of its directors and officers violated federal securities laws. If you purchased Loma Negra ADSs in or after the Company’s November 2017 initial public offering (“IPO”), you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Loma Negra, together with its subsidiaries, manufactures and markets cement and its byproducts in Argentina and Paraguay.
This investigation concerns whether Loma Negra’s filings with the U.S. Securities and Exchange Commission in connection with the IPO contained untrue statements of material fact or omitted material information, specifically regarding the Argentine economy slowing down and the infrastructure projects which Loma Negra heavily depended on being the first to be cut by the government.
On May 13, 2018, UBS AG downgraded the company's ADSs to "sell" from "buy." UBS also lowered its twelve-month price target from $26.50 to $14.50, citing macroeconomic headwinds related to the economic climate in Argentina and cuts to infrastructure spending by the Argentinian government. On May 23, 2018, news emerged that Argentina's National Commission of Competition Defense was investigating Argentina's cement companies for price-fixing.
The price of Loma Negra ADSs has dropped over 40% from its IPO price, closing at $11.24 on July 31, 2018.
What You Can Do
If you purchased Loma Negra ADSs, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org, or visit the Loma Negra investigation page on our website at https://scott-scott.com/investigation/loma-negra-compania-industrial-argentina-sociedad-anonima/.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Scott+Scott Attorneys at Law LLP
Joe Pettigrew, 844-818-6982
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Scott+Scott Attorneys at Law LLP
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PUB: 08/01/2018 11:47 AM/DISC: 08/01/2018 11:47 AM