Collective Lawsuit Against Astaldi
LOSS RECOVERY THROUGH LEGAL ACTION. FIND OUT IF YOU CAN JOIN US.
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.
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.
Terms and Conditions
1. Compensation: Martingale Risk will collect a Success Fee equal to 25% (twenty-five percent) plus VAT calculated on the Losses Recovered from Astaldi, as resulting from: (a) the conclusion of a settlement agreement with Astaldi in the Negotiation or Litigation phase; (b) the issuance of a definitive successful court trial.
2. Expenses: Martingale Risk will pay all administrative and tax expenses incurred in the Litigation, such as: notification and registration expenses for documents filed to the Court and any administrative expenses and fees related to the experts eventually engaged by the Court. Martingale Risk will be liable to pay the legal adverse costs in case of an unsuccessful lawsuit.
3. Representation: The Client will sign a mandate providing Martingale Risk with Power of Attorney which includes the power to take every decision concerning the lawsuit, including the power to settle, to collect, and dispersed the recovered amount from Astaldi until the issuance of a definitive decision. The Client will also sign a Power of Attorney to the lawyer (s) directly involved in the litigation.
DISCLAIMER: THESE TERMS ARE INDICATIVE AND NON-BINDING AND CAN BE SUBJECT TO CHANGES PRIOR TO THE SIGNING OF THE MANDATE, GIVEN THE RESULTS OF THE PRELIMINARY ANALYSIS AND PRELIMINARY LEGAL OPINION. MARTINGALE RISK WILL RESERVE ALL THE RIGHTS TO DECLINE THE DEFENSE OF EACH CLIENT THAT IS DEEMED UNSUITABLE TO THE LAWSUIT. ALL DISPUTES RELATED TO THE INTERPRETATION OF THE MANDATE WILL BE REGULATED BY THE INTERNATIONAL CHAMBER OF COMMERCE (ICC).