Directed to equity shareholders (SPM) ISIN: IT0005252140
Saipem S.p.A. is a leading Italian company operating in the energy and infrastructure sectors (www.saipem.com). Between 2015-2017, they seriously breached multiple Italian laws concerning the disclosure of information and data to investors during the release of official documents.
In March 2018 and February 2019 CONSOB, the supervisory authority for the Italian financial products and intermediaries, sanctioned Saipem’s CEO and CFO for market manipulation and violations related to their January 2016 capital increase. Following the capital increase, Saipem reported a write-down of about 2 billion in October 2016.
The investors who took part in this January 2016 capital increase have suffered a total loss of approximately 50% of their investments.
Martingale Risk will begin the litigation process on behalf of all funds that invested in Saipem equity shares in the period of 2015-2016, as well as those who took part in Saipem’s January 2016 capital increase. Martingale Risk will consider individual, group, and multiple group actions.
The lawsuit is directed at obtaining a repayment of the damages suffered from investment losses in 2015-2016, given the false financial statements released by Saipem and specific violations sanctioned by CONSOB.
- Preliminary Evaluation: we will perform a preliminary free evaluation to establish: (i) if the case is suitable for litigation, in our view, and (ii) the probability of recovering the estimated loss.
- Mandate: if the case is suitable, we will agree on a mandate for negotiation and litigation where the majority of our compensation will be success fee based.
- Analysis and Negotiation: we will perform an in-depth technical analysis on the specific documentation and, based on that, we will negotiate with the counterparty for a reimbursement of the losses.
- Litigation: if the settlement is not reached, we will file the case in front of the Italian courts through our network of lawyers.
Investors interested should contact:
Martingale Risk provides highly specialized litigation services in Italy.