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LOMA.US
id: 1186
Loma Negra (LOMA) $24.6M Shareholder Settlement
The settlement funds have been distributed to claimants.
$24,600,000
Cash Settlement653114/2018
Case number11/01/2017
Class period Start06/21/2018
Class period End04/19/2024
Claim deadlineLoma 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 Type
US Securities Class Action
Case Status
Disbursed
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
04/10/2024
Exclusion deadline
03/20/2024
Objection deadline
03/20/2024
Trades matching type
FIFO
Disbursement date
05/23/2025
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