The Pomerantz Firm Remins Agria Corp. Investors of Deadline in Class Action

The Pomerantz Firm Reminds Agria Corporation Investors of
June 10 Deadline — GRO

NEW YORK, May 23, 2008 (Lawfuel) — Pomerantz Haudek Block
Grossman & Gross LLP ( (“Pomerantz”) reminds
investors of Agria Corporation (NYSE:GRO) (“Agria” or the “Company”)
that June 10, 2008 is the deadline to ask the Court to appoint you as
Lead Plaintiff in the class action. Lead plaintiffs must meet certain
legal requirements. Pomerantz filed a class action lawsuit in the
United States District Court, Southern District of New York, against
the Company and certain officers of the company. The class action was
filed on behalf of purchasers of the securities of the Company who
purchased or otherwise acquired Agria’s securities pursuant or
traceable to the Company’s November 6, 2007 Initial Public Offering
(the “IPO” or the “Offering”). The complaint alleges violations of
Sections 11 and 15 of the Securities Act of 1933 (15 U.S.C. Sections
77k and 77o).

Agria Corporation engages in the research and development, production,
and sale of upstream agricultural products in the People’s Republic of
China. The complaint alleges that on November 6, 2007, Agria conducted
its IPO, filing a Registration Statement and Prospectus with the SEC.
The IPO was successful for the Company and its selling shareholder,
raising over $282 million by selling the Company’s securities to
investors at $16.50 per share. On April 7, 2007, Agria surprised the
market when it announced that the Company’s auditors were unable to
begin their 2007 audit of Agria’s financials due to various accounting
and payment issues. The Company also announced that its Chief Operating
Officer had resigned and disclosed for the first time that its CEO was
actively involved in protracted compensation negotiations with the COO
and other key executives. Consequently, shares of the Company’s
securities declined $3.34 per share, or almost 38 percent, representing
a cumulative loss of $11.04, or 66.9 percent, of the value of the
Company’s shares since the time of its IPO.

The complaint further alleges that, in connection with the Company’s
IPO, defendants failed to disclose or indicate the following: (1) that
the Company had failed to secure enforceable employment agreements with
its COO and other key executives prior to its IPO; (2) that the Company
was in negotiations with its COO and other key executives to provide
multi-million dollar compensation packages and that these increased
compensation expenses would materially impact the Company’s financial
results going forward; (3) that various accounting and payment issues,
which existed at the time of the IPO, would subsequently prohibit the
Company’s auditors from completing its audit of the Company’s financial
statements; (4) that the Company lacked adequate internal and financial
controls; and (5) that, as a result of the foregoing, the Company’s
Registration Statement was false and misleading at all relevant times.

If you wish to review a copy of the Complaint, to discuss this action,
or have any questions, please contact Teresa L. Webb
([email protected]) of the Pomerantz Firm at 888.476.6529 (or
888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number.

The Pomerantz Firm, which has offices in New York, Chicago, Washington,
D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as
one of the premier firms in the areas of corporate, securities, and
antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class members.

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