A New York federal judge ruled that an Argentine real estate company didn't mislead investors about the added responsibilities the company took on in acquiring an interest in another firm.

The plaintiff had alleged that the company did not disclose that it had taken control of IDB Development Corporation Ltd. The judge's ruling was based on the point that Inversiones Y Representaciones Sociedad Anonima didn't yet have the complete control over IDBD that the law requires for its financial information to be included into IRSA's financial statements.

Ballard Spahr attorneys Stephen Kastenberg and Tom Hazlett represented IRSA on this case.

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