Underwriters

We won dismissal for Credit Suisse, Morgan Stanley, and Goldman Sachs, the lead underwriters in the US$1 billion public offering by YPF Sociedad Anonima, in a putative securities class action in the Southern District of New York. Plaintiffs alleged that defendants violated Sections 11 and 12(a)(2) of the Securities Act of 1933 because the offering’s Registration Statement and Prospectus allegedly failed to disclose that YPF faced an increased risk of nationalization by the Argentinean government, that, if realized, would have a severe effect on YPF’s market value. Judge Shira Scheindlin granted our motion to dismiss all of plaintiffs’ claims, and plaintiffs did not appeal.