Simpson Thacher Obtains Dismissal of IRSA and Cresud Securities Class Action
09.11.18
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On September 10, 2018, the U.S. District Court for the Southern District of New York (Judge Broderick) granted Defendants’ motion to dismiss a securities class action complaint against IRSA Inversiones y Representaciones Sociedad Anónima and Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (collectively, “Defendants”). Judge Broderick granted Defendants’ motion to dismiss the complaint in its entirety, holding that Plaintiffs failed to plead any material misstatement or omission and failed to demonstrate scienter. The dismissed claims included claims under Sections 10(b) and 20(a) of the 1934 Securities Exchange Act.
The dismissal received media coverage in Law360 and LexLatin. To read the Law360 article, please click here (subscription required). To read the LexLatin article, please click here.
The Simpson Thacher team on this case was Bryce Friedman, George Wang and Eamonn Campbell (Litigation).