NEWARK, N.J. (Legal Newsline) — A shareholder is suing a global agricultural company and its officers, alleging violation of federal securities law.
Etienne Balon filed a class action complaint, individually and on behalf of all others similarly situated, Nov. 9 in U.S. District Court for the District of New Jersey against Agria Corporation, Guanglin Lai, Xie Tao, John Fulton, Patrick Wai, Yip Tsang, John Layburn and Wah Kwong Tsang, alleging they made a false report regarding the company's financial and operating results.
According to the complaint, Balon suffered monetary damages from purchasing Agria ADSs at artificially inflated prices. The plaintiff alleges the defendants made false representations regarding the company's financial report in order to artificially inflate its share prices.
Balon seeks trial by jury, compensatory damages, all damages, interest, all legal fees and any other relief the court deems just. He is represented by attorney Laurence Rosen of The Rosen Law Firm PA in South Orange, New Jersey.
U.S. District Court for the District of New Jersey Case number 2:16-cv-08376-SDW-LDW