On or about November 26, 2010, YPF filed a Form F-3 Registration Statement (the "Registration Statement") for the Offering with the SEC. On or about March 23, 2011, the Prospectus with respect to the Offering, which forms part of the Registration Statement, became effective and more than 26.2 million shares of YPF ADSs were sold to the public at $41 per share, thereby valuing the total size of the Offering at more than $1 billion.
According to the complaint, YPF's Registration Statement failed to disclose and misrepresented the following adverse facts, among others, which existed at the time of the Offering: (1) that the Company faced a risk of nationalization by the Argentinean government; (2) that the risk of nationalization had increased because of the Company's failure to: (a) adequately produce oil and gas within Argentina; and (b) reinvest a substantial portion of its profits back into the Company and its operations; (3) that the Company was in breach of its concession contracts with various Argentinean provinces; and (4) that nationalization by the Argentinean government would likely have a severe adverse effect on shareholders and on the Company's market value.
If you purchased YPF ADSs pursuant or traceable to the Company's March 23, 2011 Offering and suffered a net loss on those purchases, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than April 6, 2013. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.