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LOMA.US
id: 1186

Loma Negra (LOMA) $24.6M Shareholder Settlement

653114/2018
Case number
01 Nov 2017
Class period Start
21 Jun 2018
Class period End
19 Apr 2024
Claim deadline
Loma Negra (LOMA) agreed to settle $24.6M with investors to end claims over the IPO and the corruption scandal.

Case details:

Loma Negra was accused of the following details:
  • Loma Negra's Registration Statement failed to disclose its exposure to a corruption scandal involving its majority owner.
  • They also misrepresented of increased demand for its products and economic trends in Argentina.
  • Loma Negra downplayed known risks that had already materialized at the time of the IPO.
$LOMA plummeted by over 40% below its IPO price after the truth about misrepresentations came out.

Loma Negra has now decided to end all allegations related to the IPO by paying a $24.6M settlement to investors.
Case Status
Accepting Late Claims
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Plaintiffs
Dan Kohl
Attorneys
Levi & Korsinsky, LLP
Defendants
Sergio Faifman, Marco Gradin, Ricardo Fonseca De Mendonça Lima, Luiz Augusto Klecz, Paulo Diniz, Carlos Boero Hughes, Diana Mondino, Sergio Daniel Alonso
Judge
Andrew Borrok
Administrator
A.B. Data Ltd
Court hearing date
10 April 2024
Exclusion deadline
20 March 2024
Objection deadline
20 March 2024
Trades matching type
FIFO
+$24,600,000
Cash Settlement Amount

Frequently Asked Questions

Loma Negra Compania Industrial Argentina SA ADR

Loma Negra Compañía Industrial Argentina Sociedad Anónima, together with its subsidiaries, manufactures and sells cement and its derivatives in Argentina. The company operates through Cement, Mason...

    Ticker
    LOMA.US
    ISIN
    US54150E1047
    Sector
    Basic Materials
    Industry
    Building Materials
    Country
    USA
    Address
    Cecilia Grierson 355, Buenos Aires, Argentina, C1107CPG