Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA) Investor Securities Class Action Lawsuit 12/05/2018

If you purchased shares of Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA), you have certain options and for certain investors are short and strict deadlines running. Deadline:February 4, 2019. NYSE: LOMA investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Loma Negra Compañía Industrial Argentina Sociedad Anónima
Case Name: 
Loma Negra Compañía Industrial Argentina Sociedad Anónima Shareholder Class Action Lawsuit 12/05/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: LOMA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/05/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/04/2019
Summary: 

An investor, who purchased shares of Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Loma Negra Compañía Industrial Argentina Sociedad Anónima in connection with certain allegedly false and misleading statements made issued in connection with Loma Negra's November 2017 initial public stock offering (the "IPO" or "Offering").

In November 2017, Defendants commenced Loma Negra's initial public offering ("IPO"), issuing approximately 53.5 million ADS to the investing public at $19 per share, all pursuant to the Company's Registration Statement.

The lawsuit was filed on behalf of purchasers of Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA) who acquired Loma Negra American Depositary Shares ("ADS") pursuant or traceable to the registration statement, issued in connection with Loma Negra's November 2017 initial public stock offering,.

More specifically, the plaintiff claims that the Registration Statement contained untrue statements of material fact and omitted to state material facts both required by governing regulations and necessary to make the statements made not misleading, that foremost, the Registration Statement downplayed and misrepresented Loma Negra's exposure to a massive, ongoing corruption scandal engulfing its majority owner, InterCement Participaçoes S.A, that the Registration Statement further misrepresented a purported increased demand for Loma Negra's cement and other products as a result of economic growth and government funding for public works projects in Argentina, as well as the purported benefits to Loma Negra from that increased demand, that the Registration Statement also misrepresented events and trends in the Argentinian economy, as well as Loma Negra's exposure thereto, and that the Registration Statement contained many references to known risks that "if" occurring "might" or "could" affect the Company, despite the fact that these "risks" had already materialized at the time of the IPO.
The plaintiff says that Loma Negra and the other Defendants went forward with the IPO with the foregoing misrepresentations and omissions in the Registration Statement and that with these misrepresentations and omissions, the IPO was extremely lucrative for Defendants, who raised more than $1 billion in gross proceeds.

The plaintiff alleges that when the truth of Defendants' misrepresentations and omissions became known, the price of Loma Negra shares suffered sharp declines.
Shares of Loma Negra C.I.A.S.A. (NYSE:LOMA) declined from as high as $25.28 per share in January 2018 to as low as $6.36 per share in August 2018.