Robbins Geller Rudman & Dowd LLP Files Class Action Suit against YPF
NEW YORK -- February 5, 2013
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/ypf/) today announced that a class action has
been commenced on behalf of an institutional investor in the United States
District Court for the Southern District of New York on behalf of all persons
or entities who purchased the American Depositary Shares (“ADSs”) of YPF
Sociedad Anonima (“YPF” or the “Company”) (NYSE:YPF) pursuant and/or traceable
to the Company’s March 23, 2011 offering (the “Offering”) seeking to pursue
remedies under the Securities Act of 1933 (the “Securities Act”).
If you wish to serve as lead plaintiff, you must move the Court no later than
60 days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at
800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a
member of this class, you can view a copy of the complaint as filed or join
this class action online at http://www.rgrdlaw.com/cases/ypf/. Any member of
the putative class may move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an absent
The complaint charges YPF, certain of its officers and directors and the
underwriters of the Offering with violations of the Securities Act. YPF
describes itself as “Argentina’s leading energy company, operating a fully
integrated oil and gas chain with leading market positions” in the
exploration, development and production of crude oil, natural gas and
liquefied petroleum gas, and the refining, marketing, transportation and
distribution of energy based products.
On or about November 26, 2010, YPF filed a Form F-3 Registration Statement
(the “Registration Statement”) for the Offering with the SEC. On or about
March 23, 2011, the Prospectus with respect to the Offering, which forms part
of the Registration Statement, became effective and more than 26.2 million
shares of YPF ADSs were sold to the public at $41 per share, thereby valuing
the total size of the Offering at more than $1 billion.
The complaint alleges that the Registration Statement, and the documents
referenced and incorporated therein, contained numerous untrue statements of
material facts and omitted to state material facts required to be stated
therein in order to make the statements contained therein not misleading.
Specifically, the complaint alleges that the Registration Statement failed to
disclose and misrepresented the following adverse facts, among others, which
existed at the time of the Offering: (i) that the Company faced a risk of
nationalization by the Argentinean government; (ii) that the risk of
nationalization had increased because of the Company’s failure to: (a)
adequately produce oil and gas within Argentina; and (b) reinvest a
substantial portion of its profits back into the Company and its operations;
(iii) that the Company was in breach of its concession contracts with various
Argentinean provinces; and (iv) that nationalization by the Argentinean
government would likely have a severe adverse effect on shareholders and on
the Company’s market value. According to the complaint, the instructions and
regulations that govern the preparation of the Registration Statement require
that YPF disclose the facts detailed above. The Registration Statement,
however, failed to include these material facts.
Plaintiff seeks to recover damages on behalf of all purchasers of YPF ADSs
pursuant or traceable to the Company’s March 23, 2011 Offering (the “Class”).
The plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in
contingency-based securities and corporate litigation. With nearly 200 lawyers
in nine offices, the firm represents hundreds of public and multi-employer
pension funds with combined assets under management in excess of $2 trillion.
The firm has obtained many of the largest recoveries and has been ranked
number one in the number of shareholder class action recoveries in MSCI’s Top
SCAS 50 every year since 2003. According to Cornerstone Research, the firm’s
recoveries have averaged 35% above the median for all firms over the past
seven years (2005-2011). Please visit http://www.rgrdlaw.com for more
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
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