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Argentinian Cement Investors Appeal Dismissal of Fraud Suit

May 28, 2020, 11:42 PM

Shareholders in an Argentinian cement manufacturer have appealed to the Second Circuit the dismissal of claims alleging the company misled them on share prices.

In April, the Southern District of New York granted Loma Negra Compania Industrial Argentina Sociedad Anonima’s motion to dismiss a group of shareholders’ would-be class claims under the Securities Act and the Exchange Act.

When the Argentinian government publicly announced it would reduce infrastructure spending, Loma Negra shares fell, contrary to share projections the company had previously reported.

But shareholders had access to public information about the changing government priorities that ultimately caused the share price...

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