NEW YORK, Sept. 4, 2015 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of all purchasers of Abengoa, S.A. (NASDAQ:ABGB) American Depository Shares from November 12, 2014 through August 2, 2015, inclusive (the "Class Period"). The lawsuit seeks to recover investors' losses under the federal securities laws.
To join the Abengoa class action, visit the firm's website at http://www.rosenlegal.com/cases-697.html, or contact Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, Abengoa and certain of its past and present executive officers and directors have misrepresented the liquidity of Abengoa's balance sheet in corporate reports filed with the SEC and during conference calls with financial analysts. These misrepresentations artificially elevated the trading price of Abengoa's ADS.
On July 31, 2015, Abengoa revealed that it would decrease its free cash flow guidance, and prepare to divest itself of 400 million euros in assets. However, Defendant Santiago Seage maintained that "the company has no plan to…tap the capital markets in any manner." Then on August 3, 2015, contrary to this statement, Abengoa announced a share issuance plan to raise 650 million euros, along with an asset divestiture totaling 500 million euros. Consequently, Abengoa's ADS fell more than $5 per share or 46% to close at $6 on August 4, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than October 9, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm's website at http://www.rosenlegal.com/cases-697.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll-free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
