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INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors of Class Action Involving Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria and a Lead Plaintiff Deadline of June 28, 2016 - CRESY

NEW YORK, June 21, 2016 (GLOBE NEWSWIRE) -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the Eastern District of Pennsylvania on behalf of investors who purchased Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria  (“Cresud”) (NASDAQ:CRESY) American Depositary Shares (ADRs) between May 13, 2015 and December 30, 2015.

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Cresud is the majority owner of IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”). Dolphin Netherlands B.V. (“Dolphin”) is a subsidiary of IRSA. The complaint alleges that, throughout the Class Period, defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Dolphin does not adequately qualify as a Venture Capital Organization, and therefore, IDB Development Corporation Limited’s (“IDBD”) $6.7 billion net debt should be consolidated with IRSA’s financial statements; (2) as such, Cresud’s financial statements failed to consolidate IDBD’s $6.7 billion net debt; (3) IRSA’s impending consolidation of IDBD’s debt would violate IRSA’s Global Notes Indenture, as IRSA would be in breach of the “Incurrence of Additional Indebtedness” covenant, which prohibits its EBITDA to interest coverage ratio to be less than 1.75x; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

If you suffered a loss in Cresud you have until June 28, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email, by telephone at 212.425.1140, or visit

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigation involving financial fraud and violations of shareholder rights.  Attorney advertising. Prior results do not guarantee similar outcomes.

Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880

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