Born the Association of Minority Bankia to claim compensation
The Association of Minority Bankia, which will form part of the Spanish Association of Minority Shareholders of Listed Companies (AEMEC), has become today bringing together more than 100 shareholders of the entity requesting compensation for the alleged irregularities in the IPO .
The first objective is therefore to recover the investment of the minority or the damages caused by the alleged irregularities in the issuance of stock Bankia as AEMEC said today in a statement.
For this reason, the association plans to focus on civil actions based on the information contained in the prospectus listing.
To this end, the firm Cremades & Calvo-Sotelo, who will be responsible for the representation and advocacy, is studying the possibility of accumulating the shares of individual shareholders in a single lawsuit.
“Our main objective is to recover the money lost by shareholders rely on the information provided in the prospectus,” said the president’s office, Javier Cremades, who explained that they are preparing legal action through the civil courts.
The first prosecution of shareholders shall apply for preliminary inquiries to obtain judicial documents and information necessary to confirm whether there are irregularities in the process of Bankia IPO.
The group has also hired an inspector of the Bank of Spain on leave and a doctorate in economics, that as a result of information obtained through the proceedings, to prepare an expert report to substantiate the claims of shareholders, who have lost more than 70% of its value since the IPO.
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