Agria Corporation (ADR) (NYSE: GRO) Investor Securities Class Action Lawsuit 11/09/2016

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Company Name(s): 
Agria Corporation
Case Name: 
Agria Corporation Shareholder Class Action Lawsuit 11/09/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: GRO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/09/2016
Class Period Begin: 
06/08/2016
Class Period End: 
11/04/2016
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
01/09/2017
Settlement Amount: 
$1,300,000
Deadline to Participate in Settlement: 
10/23/2017
Summary: 

June 30, 2017 - Parties filed a stipulation of settlement.

April 7, 2017 - Defendants filed a motion to dismiss.

March 8, 2017 - The lead plaintiff filed an amended complaint.

March 6, 2017 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

January 9, 2017 - Lead plaintiff motions were filed.

November 9, 2016 - An investor in shares of Agria Corporation (ADR) (NYSE: GRO) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Agria Corporation in connection with certain allegedly false and misleading statements made between December 16, 2011 through November 4, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Agria Corporation (ADR) (NYSE: GRO) common shares between December 16, 2011 through November 4, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between December 16, 2011 through November 4, 2016 the defendants throughout the class period made false and/or misleading statements and/or failed to disclose that defendants engaged in trading to artificially inflate Agria Corporation’s stock price in order to meet NYSE’s continuing listing standards and avoid delisting from the NYSE, that Agria Corporation lacked effective internal controls over financial reporting, and that as a result of the foregoing, defendants’ public statements about Agria Corporation’s business, operations, and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Agria Corporation reported that its Total Revenue declined from $944.71 million for the 12 months period that ended on June 30, 2015 to $807.68 million for the 12 months period that ended on June 30, 2016 and that its Net Loss for those respective time periods increased from $0.45 million to $9.23 million.

On November 4, 2016, Agria Corporation announced it had received a letter stating the New York Stock Exchange planned to commence proceedings to delist Agria Corporation’s American Depositary Shares ("ADSs"). According to Agria Corporation, the NYSE letter stated that it had identified evidence indicating that a top executive and other intermediaries engaged in trading intended to artificially inflate Agria Corporation's stock price, and that the Company provided incomplete, misleading, or false information in connection with investigations related to these issues. Trading of the Company’s ADSs was suspended on November 3, 2016.