A securities class action lawsuit has been filed against Agria Corporation (NYSE: GRO) in connection with allegations that the company made false or misleading statements about its business, operations, and prospects. The law firm of Fitapelli Kurta is interested in hearing from shareholders who have lost money investing in Agria Corporation’s American Depository Shares and wish to serve as a lead plaintiff in the securities class action litigation.
The complaint specifically alleges that Agria Corporation (GRO) falsely or misleadingly represented, and/or failed to disclose, that it executed trades with the goal of artificially inflating its stock price such that it would comply with the New York Stock Exchange’s listing standards, lest it get de-listed; that Agria Corporation did not possess adequate internal control over the internal reporting of finances; that these financial statements were then unreliable; and that because of this, Agria Corporation’ statements with respect to its business, its operations, and its prospects were allegedly false or misleading. In November 2016 a suspension on trading of Agria American Depository Shares was issued after an NYSE investigation resulted in alleged findings of insider trading.
According to the company’s website, Agria Corporation is “a global agricultural company with three principal business segments: Seed & Grain; Crop Protection, Nutrients & Merchandise; and Rural Services.” The description continues to say: “The Seed and Grain segment is engaged in research and development, production and sale of a broad range of seed products and trading of seed and grain products globally. The Crop Protection, Nutrients and Merchandise segment operates an extensive chain of retail stores that supply farm input materials. The Rural Services segment provides livestock trading, wool trading, irrigation and pumping, real estate agency and other agriservices.” Agria trades on the New York Stock Exchange under GRO.