Argentine RE Co. Dodges Investor Suit Over Acquisition

Law360 (September 11, 2018, 1:21 PM EDT) -- A New York federal judge has dismissed a putative class action against an Argentine real estate company and several of its executives, finding it did not mislead investors about the added responsibilities the company assumed in acquiring an interest in another firm.

Plaintiff Stefan Sachsenberg had alleged that defendant Inversiones Y Representaciones Sociedad Anonima failed to disclose its control of IDB Development Corporation Ltd., an Israeli holding company, in its February 2015 rights offering, even though its subsidiary had already purchased an interest in the company. IRSA's failure to disclose that control and its failure to consolidate IDBD into its financial statements...

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