Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Agria Corporation (“Agria” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of New Jersey by another law firm on behalf of purchasers of the common stock of Agria Corporation (NYSE: GRO) between December 16, 2011 and November 4, 2016, inclusive (the “Class Period”).
The complaint alleges that Agria Corporation and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Defendants engaged in trading to artificially inflate Agria’s stock price in order to meet the continuing listing standards and avoid delisting from the New York Stock Exchange (“NYSE”); (2) the Company lacked effective internal controls over financial reporting; and (3) as a result of the foregoing, Defendants’ public statements about Agria’s business, operations, and prospects were materially false and misleading at all relevant times.
On November 4, 2016, Agria issued a press release announcing that the NYSE sent a letter the previous day informing Agria that the delisting process had commenced. The press release explained that the delisting followed an NYSE investigation:
According to the NYSE the determination to delist the Company was based on an investigation conducted by NYSE Regulation, which uncovered evidence demonstrating that the Company and its management engaged in operations contrary to the public interest and not in keeping with sound public policy pursuant to Section 802.01D of the Listed Company Manual. NYSE stated that it identified evidence indicating that the Company (i) through a top executive and other intermediaries engaged in trading intended to artificially inflate Agria's stock price, including to improperly avoid having the Company delisted for failing to comply with NYSE's continued listing standards requiring companies to maintain an average stock price of at least $1.000 per share over a consecutive thirty-day trading period; and (ii) provided incomplete, misleading, or false information in connection with investigations related to these issues.
Agria’s press release also revealed that the Company received a subpoena from the United States Securities and Exchange Commission in December 2015, and had been cooperating with the SEC since that time. Agria stock trading was halted on November 3, 2016, having fallen to the price of $0.849.
Cohen Milstein encourages all investors who purchased Agria common stock between December 16, 2011 and November 4, 2016, or former employees with information concerning this matter to contact the firm.
If you are an Agria Corporation shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2017, to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600