Cohen Milstein Sellers & Toll PLLC Announces Investigation of Agria Corp.
December 13 2016 - 4:05PM
Business Wire
Cohen Milstein Sellers & Toll PLLC is conducting an
investigation to determine whether Agria Corporation (“Agria” or
the “Company”) and certain of its officers and directors made false
and misleading statements and/or omissions in violation of Sections
10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for
the District of New Jersey by another law firm on behalf of
purchasers of the common stock of Agria Corporation (NYSE: GRO)
between December 16, 2011 and November 4, 2016, inclusive (the
“Class Period”).
The complaint alleges that Agria Corporation and certain of its
officers and directors (“Defendants”) misrepresented and/or failed
to disclose that: (1) Defendants engaged in trading to artificially
inflate Agria’s stock price in order to meet the continuing listing
standards and avoid delisting from the New York Stock Exchange
(“NYSE”); (2) the Company lacked effective internal controls over
financial reporting; and (3) as a result of the foregoing,
Defendants’ public statements about Agria’s business, operations,
and prospects were materially false and misleading at all relevant
times.
On November 4, 2016, Agria issued a press release announcing
that the NYSE sent a letter the previous day informing Agria that
the delisting process had commenced. The press release explained
that the delisting followed an NYSE investigation:
According to the NYSE the determination to
delist the Company was based on an investigation conducted by NYSE
Regulation, which uncovered evidence demonstrating that the Company
and its management engaged in operations contrary to the public
interest and not in keeping with sound public policy pursuant to
Section 802.01D of the Listed Company Manual. NYSE stated that it
identified evidence indicating 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 $1.000 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.
Agria’s press release also revealed that the Company received a
subpoena from the United States Securities and Exchange Commission
in December 2015, and had been cooperating with the SEC since that
time. Agria stock trading was halted on November 3, 2016, having
fallen to the price of $0.849.
Cohen Milstein encourages all investors who purchased Agria
common stock between December 16, 2011 and November 4, 2016, or
former employees with information concerning this matter to contact
the firm.
If you are an Agria Corporation shareholder and would like to
discuss your right to recover for your economic loss, you may,
without any cost or obligation, call Cohen Milstein’s Managing
Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or
email him at stoll@cohenmilstein.com. If you wish to serve as lead
plaintiff, you must move the Court no later than January 9, 2017,
to request appointment. Any member of the proposed class may retain
Cohen Milstein or other attorneys to serve as your counsel in this
action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting
investor class actions and actions involving securities fraud, and
is active in major litigation pending in federal and state courts
throughout the nation. Cohen Milstein has taken a lead role in
numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in
the aggregate, total over two billion dollars. Prior results do not
guarantee a similar outcome. For more information visit
www.cohenmilstein.com.
If you have any questions about this notice or the action, or
with regard to your rights, please contact either of the
following:
Steven J. Toll, Esq.Robin BleiweisCohen Milstein Sellers &
Toll PLLC1100 New York Avenue, N.W.Suite 500 EastWashington, D.C.
20005Telephone: (888) 240-0775 or (202) 408-4600Email:
stoll@cohenmilstein.com; rbleiweis@cohenmilstein.com
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version on businesswire.com: http://www.businesswire.com/news/home/20161213006287/en/
Cohen Milstein Sellers & Toll PLLCSteven J. Toll, Esq.,
888-240-0775 or 202-408-4600stoll@cohenmilstein.comorRobin
Bleiweis, 888-240-0775 or
202-408-4600rbleiweis@cohenmilstein.com
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