Collective Action Against Saipem SpA
LOSS RECOVERY THROUGH LEGAL ACTION. DEADLINE: MARCH 1st, 2021
Saipem SpA is a leading Italian company operating in the energy and infrastructure sectors. ( www.saipem.com ) Between 2015 and 2016, they breached Italian laws concerning the disclosure of information and data to investors during the release of official public documents.
In March 2018 and February 2019, CONSOB , the Italian financial market supervisory authority, sanctioned Saipem’s CEO and CFO for violations related to their January 2016 capital increase. Following the capital increase, Saipem reported a write-down of about € 2 billion in October 2016.
According to sanctions by CONSOB, Saipem failed to disclose relevant information about their financials and economics in the € 3.5 billion capital increase in their January 2016 prospectus. As a result, the lack of appropriate information prevented investors from making a fair assessment of Saipem’s equity shares.
During the period from January 1st to February 11th, 2016, Saipem lost nearly 70% of its market value.
We are filing a collective lawsuit and individual lawsuits on the investor’s behalf against Saipem SpA , which will be held at the Court of Milan. The lawsuit is currently open and we are actively accepting new clients until March 1st, 2021.
The lawsuit is directed at obtaining a repayment of the damages incurred from investment losses in 2015-2016, given the financial statements released by Saipem and specific violations sanctioned by CONSOB .
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 Saipem, as resulting from: (a) the conclusion of a settlement agreement with Saipem 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 Saipem 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).