Pomerantz Law Firm Announces the Filing of a Class Action against Loma Negra Compania Industrial Argentina SA and Certain Officers – LOMA
NEW YORK, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Loma Negra Compania Industrial Argentina SA (“Loma Negra” or the “Company”) (NYSE: LOMA), its former controlling shareholder, and certain of its officers and board members (collectively, the “Defendants”). The class action, filed in United States District Court, Southern District of New York, and indexed under 18-cv-11323, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Loma Negra American Depositary Shares (“ADS”) pursuant or traceable to the F‑1 registration statement, incorporated in pari materia F-6 registration statement, and related prospectus (collectively, the “Registration Statement”) issued in connection with Loma Negra’s November 2017 initial public stock offering (the “IPO” or “Offering”).
If you are a shareholder who purchased Loma Negra ADS pursuant or traceable to the company’s registration statement and IPO, you have until February 4, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Loma Negra is a South American manufacturer and distributor of cement, concrete, and other building materials. Headquartered in Buenos Aires, Argentina, Loma Negra’s ADS are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “LOMA.”
In November 2017, Defendants commenced Loma Negra’s initial public offering (“IPO”), issuing approximately 53.5 million ADS to the investing public at $19 per share, all pursuant to the Company’s Registration Statement.
The Registration Statement contained untrue statements of material fact and omitted to state material facts both required by governing regulations and necessary to make the statements made not misleading. Foremost, the Registration Statement downplayed and misrepresented Loma Negra’s exposure to a massive, ongoing corruption scandal engulfing its majority owner, InterCement Participações S.A. The Registration Statement further misrepresented a purported increased demand for Loma Negra’s cement and other products as a result of economic growth and government funding for public works projects in Argentina, as well as the purported benefits to Loma Negra from that increased demand. The Registration Statement also misrepresented events and trends in the Argentinian economy, as well as Loma Negra’s exposure thereto. Finally, the Registration Statement contained many references to known risks that “if” occurring “might” or “could” affect the Company, despite the fact that these “risks” had already materialized at the time of the IPO.
Loma Negra and the other Defendants went forward with the IPO with the foregoing misrepresentations and omissions in the Registration Statement. With these misrepresentations and omissions, the IPO was extremely lucrative for Defendants, who raised more than $1 billion in gross proceeds. When the truth of Defendants’ misrepresentations and omissions became known, the price of Loma Negra shares suffered sharp declines.
By the commencement of this action, Loma Negra ADS traded below $11 per share, a decline of more than 40% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com