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alfathoughts: Lawyers warn Bankia preferentistas not to sell the shares if they want to sue

Saturday, September 14, 2013

Lawyers warn Bankia preferentistas not to sell the shares if they want to sue

The Association for the Defense of Financial Institutions Harmed ( Apdef ) , formed by seven law firms in Catalonia, Madrid and Valencia, has alerted all customers affected by Bankia preferred not to sell the shares if they have pierced want to present lawsuit.

" If they sell or will accept the sale agreed and validated by the exchange and then must show no lawsuit ," said told Europa Press one of the lawyers of the association , Francesc Garcia.

Garcia has detailed Bankia has changed in preferred shares to 1.35 euros a share , a price that today is already 70 % lower , which means that those affected have already lost this amount , "no a miracle will not recover the value , "said .

The Apdef currently has more than 600 requests to file proceedings against Bankia , which has already submitted 250 in various courts in Catalonia , six of them with favorable results for the claimants , the value of the 600 claims amount to about 35 million euros.

The association had raised to file a lawsuit to request the annulment of the purchase of shares in Bankia of all persons who acquired in July 2011 for false advertising , but eventually they will individually.

According to the lawyer has materialized in this case there is no error in the information about the product , if not misled about the financial realities of the company in relation to their actual numbers in July 2011 , " if Bankia had explained what his situation economy, people would not have bought shares , "he explained Garcia.

And, according to Apdef , Bankia was not transparent on the equity when it went public in July 2011 , and sold the shares to 3.75 euros when its true value was 0.77 euros.

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