Upcoming Lead Plaintiff Deadline is June 28, 2016

NEW YORK, May 11, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of Pennsylvania on behalf of individuals or entities who purchased Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria (“Cresud”) American Depositary Receipts (“ADRs”) (Nasdaq:CRESY) between May 13, 2015 and December 30, 2015 (the “Class Period”), inclusive.

Shareholders who have purchased Cresud are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

If you purchased shares of Cresud during the Class Period and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than June 28, 2016.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the legal and organizational standing of its Dolphin operation and whether the subsidiary’s IDB Development Corporation Limited’s (“IDBD”) $6.7 billion net debt should be consolidated with the IRSA financial statements.

Specifically, on November 19, 2015, Spruce Point Capital Management published an investment research report (“Report”) asserting that Dolphin does not adequately qualify as a Venture Capital Organization, and therefore, IDBD’s $6.7 billion net debt should be consolidated with the IRSA’s financial statements. As such, the complaint alleges that Cresud also failed to consolidate the IDBD’s $6.7 billion net debt into its financial statements.

After the publication of the Report, Cresud’s share price fell from a closing price of $12.68 per share on November 20, 2015 to a closing price of $11.13 on November 20, 2015, a 12.2% drop.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Cresud investigation.”

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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