HARTFORD, Conn., April 25, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the American Depository Receipts ("ADRs") of Agria Corporation ("Agria" or the "Company") (NYSE:GRO) pursuant or traceable to the Company's November 6, 2007 Initial Public Offering ("IPO").
The Complaint alleges that Agria and certain of its officers and directors violated federal securities laws. The Company engages in the research and development and production and sale of upstream agricultural products in the People's Republic of China. Agria conducts substantially all of its operations in China through its contractual arrangements with a consolidated affiliated entity, Primalights III Agriculture Development Co., Ltd. ("P3A"), and a wholly-owned subsidiary in China, Aero-Biotech Science & Technology Co., Ltd.
According to the Complaint, the Registration Statement issued in connection with the IPO contained untrue statements of material facts, omitted other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the Complaint alleges that the Registration Statement and Prospectus were required to disclose that, at the time of the IPO, the Company was already running the risk of potentially damaging its relationship with P3A and losing a member of its management team, thereby adversely affecting its financial success.
If you are a member of the class, you may, no later than June 10, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the Defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.