IRSA and Cresud Securities Class Action

Simpson Thacher Obtains Dismissal of IRSA and Cresud Securities

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 Simpson Thacher team on this case was Bryce Friedman (Picture), George Wang and Eamonn Campbell (Litigation).

Involved fees earner: Bryce Friedman – Simpson Thacher & Bartlett; George Wang – Simpson Thacher & Bartlett; Eamonn Campbell – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: IRSA Propiedades Comerciales S.A. ; Cresud SACIF y A;

Author: Ambrogio Visconti