In an opinion issued today, Judge Scheindlin dismissed a putative class action against an Argentinian energy company, its underwriters and executives, alleging violations of the Securities Act and Exchange Act.  The plaintiffs alleged that the company, YPF Sociedad Anonima, majority owned by co-defendant Repsol YPF, S.A., had failed to warn investors of the risk that it would be taken over by the Argentine government.  When YPF was in fact nationalized, its share price collapsed and the plaintiffs brought suit. Judge Scheindlin dismissed the Securities Act claims as untimely under their 1-year statute of limitations.  In doing so, she determined that the plaintiffs were on notice of the risk of nationalization at least a month-and-a-half before YPF was actually taken over:
Continue Reading Judge Scheindlin Dismisses Class Action Alleging Argentinian Firm Failed to Warn of Nationalization Risk