YPF, the Argentine energy company nationalized by that country's government last year, was sued in the US on behalf of investors who allegedly were not warned of the risks of nationalization prior to a March 2011 securities offering (OD May7'12). In a complaint filed Tuesday in the US district court in Manhattan, a Michigan pension fund said YPF and its underwriters made false statements and omitted key facts from a prospectus and other documents for the company's roughly $1.07 billion offering of about 26.2 million American depositary shares.
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