NEW YORK, Aug. 14, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of the American Depositary Receipts (“ADRs”) of Abengoa, S.A. (NASDAQ:ABGB) from November 12, 2014 and August 2, 2015, inclusive (the “Class Period”). Shareholders of Abengoa, S.A. with losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
The filed Complaint alleges that Abengoa and certain of its former and current executive officers and directors have misrepresented the liquidity of the Company's balance sheet.
On July 31, 2015, the Company announced it would lower its free cash flow guidance and a plan to divest itself of 400 million euros in assets. Despite this statement, CEO Santiago Seage Medela 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.
When the market digested this news, Abengoa ADRs plunged over $5 per share, or 46%, to close at $6.00 on August 4, 2015.
If you purchased the ADRs of Abengoa, S.A. during the period from May 5, 2014 and August 3, 2015, inclusive, you may, no later than October 9, 2015, request that the Court appoint you lead plaintiff of the proposed class.
Wolf Haldenstein 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 case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Abengoa Investigation.”
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