NEW YORK, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased the American Depositary Shares (“ADS”) of Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA) (“Loma Negra” or the “Company”) If you purchased Loma Negra ADS in or after the Company’s October 31, 2017 initial public offering (“IPO”) and incurred losses on your investment, contact Wolf Haldenstein.
All investors who have incurred losses in shares of Loma Negra Compañía Industrial Argentina Sociedad Anónima are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information about the firm on our website, www.whafh.com.
This investigation concerns whether Loma Negra’s filings with the U.S. Securities and Exchange Commission (SEC) 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 upon being the first to be cut by the Argentine government.
On May 13, 2018, UBS AG downgraded the company's ADS 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.
Subsequently, on May 23, 2018, it was reported that Argentina's National Commission of Competition Defense was investigating Argentina's cement companies for price-fixing.
The price of Loma Negra ADS has dropped substantially from its IPO price of $19.00, closing at $11.24 on July 31, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this potential case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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