Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) Accused of Downplaying Corruption Scandal Exposure Faced by the Company
According to the complaint against the company’s officers and directors for alleged violations of the Securities Act of 1933 pursuant to the F-1 registration statement and related prospectus issued in connection with Loma’s November 2017 initial public offering (“IPO”), Loma’s Registration Statement contained misrepresentations and omissions of material fact, which include downplaying Loma’s exposure to a massive, ongoing corruption scandal engulfing its majority owner; and misrepresenting demand for its cement and other products, as well as events and trends in the Argentinian economy. Despite these misrepresentations and omissions, Loma went forward with the IPO and raised more than $1 billion in gross proceeds. Since the truth was revealed, Loma’s ADS price has plummeted over 40% from its IPO price, closing below $11 per share as of December 5, 2018.
Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) Shareholders Have Legal Options
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