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Astaldi S.p.A., is the largest construction company in Italy (www.astaldi.com). In the first quarter of 2018, they breached Italian law by failing to disclose vital information regarding the actual condition of the company’s financial statements.
On September 28th 2018, following an official request by CONSOB, the supervisory authority for the Italian financial products and intermediaries, Astaldi S.p.A published its half-yearly financial statements which highlighted contract debts worth € 1.89 billion and a degradation of the company’s liquidity. Following this publication, the Standard and Poor’s Rating agency downgraded Astaldi S.p.A’s rating to D, further publicizing a position of default.
Though the company was aware of their liquidity situation prior to the first quarter of 2018, they illegally concealed this information from the market and postponed the publication of the semi-annual financial statements two times. These actions formed an imbalance of information that wrongfully harmed retail investors.
The investors who purchased shares prior to the first quarter of 2018 have suffered a total loss of 56.63% in a month, or 76.93% in 6 months, and 90.36% in one year.
Our Proposal
We propose to file a class action lawsuit and individual suits on the investor’s behalf against Astaldi S.p.A., which will be held at the Court of Rome.
The lawsuit is directed at obtaining a repayment of the damages incurred from the investment losses in Astaldi S.p.A’s first quarter 2018 financial statements and specific violations sanctioned by CONSOB.
In some cases we work on a success fee basis, claiming our compensation as a percentage of the recovered amount, once the client receives their repayment.