Again this week, Bankia is making the news, with mounting legal claims against Bankia for their sale of shares in its IPO which took place on July 2011. On 27th of January 2016, the website of the General Judiciary Council of Spain, stated that “The Supreme Court has rejected two appeals of Bankia against the cancellation of the purchase of shares in its IPO “, stressing that it is understood by the Civil Division of this High Court, that there were serious inaccuracies in the information contained in the prospectus for the public offering, and the information given to investors.
Thus, the Spanish Supreme Court confirms two things:
.- the information provided by Bankia to the investors was inadequate and did not reflect the real financial, or economic situation of the entity in July 2011, when it sold its shares in the public offering.
.- whilst there is a criminal procedure against Bankia managers, this does not prevent investors claiming in the civil courts, as we ourselves have been doing so far.
Although the Supreme Court decision is known, the decision itself has not yet been published, as it is currently being drafted.
According to some media this deception could have affected around 400,000 families, and claims could amount many millions of euros, not surprisingly, the president of Bankia, Mr. Goirigolzarri, has confirmed that the company has already made provisions of 1,840 million to face all the potential legal claims for this issue.
If you purchased shares of Bankia in its IPO in July 2011, it should remembered that (Unless you have sold the Bankia shares, in which case your case should be dealt with in a different way):
.-Now is the ideal time to claim, and we understand that in principle there is time up to May 2016, but do it as soon as possible, do not miss the opportunity.
.-You would get back the money paid, plus legal interest from when you paid it, court costs and fees, etc.
.- White Baos lawyers we have helped dozens of people affected by Bankia to get their money back, and we have won 100% of our cases.
.-We will only charge when we win the court case and recover the money invested, and Bankia would need to reimburse all costs of the court case, including our fees.
.- The Supreme Court has dashed the hopes of Bankia by rejecting their requests, in the above judgment, soon to be published.
It’s time to claim, Contact us
The information provided in this article is not intended to be legal advice, but merely conveys general information related to legal issues.
Carlos Baos (Lawyer)
Spanish Law firm solicitor attorney barrister.
Alicante, Denia, Costa Blanca Marina Alta
White & Baos 2016 – All rights reserved
