RADNOR, Pa., Feb. 9 – LAWFUEL – The Law News Network — The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Repsol YPF, S.A. (NYSE: REP – News; “Repsol” or the “Company”) between July 28, 2005 and January 27, 2006 inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [email protected]
The complaint charges Repsol and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Repsol engages in the exploration, development, and production of crude oil and natural gas primarily in Spain and Argentina. The complaint alleges that defendants’ issued a series of false and misleading statements to the market artificially inflating the Company’s stock. More specifically, the Defendants failed to disclose the following materially adverse facts to the market: (1) that the Company’s proven reserves were materially overstated; (2) that changes in Bolivia’s legal framework, were negatively effecting the Company’s Bolivian gas production operation; (3) that the Company was experiencing production problems in Argentina; (4) that the Company had to take an asset impairment charge of EUR50 million; and (5) that as a consequence of the foregoing, the Company’s positive statements about its reserves and business growth lacked in all reasonable basis when made.
On January 26, 2006, the Company announced that it was reducing its proven oil and gas reserves estimates by 25 percent. On this news, shares of Repsol ADRs fell $2.12 per share, or 7 percent, on January 26, 2006, to close at $27.99 per share. The Company’s stock continued to decline on January 27, 2006, when it fell $1.34 per share, or 4.79 percent, to close at $26.65 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com
If you are a member of the class described above, you may, not later than April 3, 2006 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.