NEW YORK, Nov. 11, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Agria Corporation (“Agria” or the “Company”) (NYSE:GRO) in the United States District Court for the District of New Jersey on behalf of purchasers of common stock of Agria between December 16, 2011 through November 4, 2016, inclusive (the “Class Period”).
According to the Complaint, on November 4, 2016, the Company announced that it received a letter from the New York Stock Exchange (“NYSE”) (the “Letter”) informing the Company that the NYSE has determined to commence proceedings to delist its ADSs from the NYSE. Trading was suspended on November 3, 2016 and remains halted. Pursuant to the NYSE’s Letter, the determination to delist Agria was based on an investigation conducted by NYSE Regulation, which uncovered evidence demonstrating that the Company (i) through a top executive and other intermediaries engaged in trading intended to artificially inflate Agria’s stock price, including to improperly avoid having the Company delisted for failing to comply with NYSE’s continued listing standards requiring companies to maintain an average stock price of at least $1.00 per share over a consecutive thirty-day trading period; and (ii) provided incomplete, misleading, or false information in connection with investigations related to these issues. The Letter also revealed an ongoing SEC investigation concerning the company.
If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2017. 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, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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