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|Agria Announces Final Judgment and Dismissal With Prejudice of All Claims in Consolidated Securities Action|
BEIJING, Jun 10, 2011 (MARKETWIRE via COMTEX) --
Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, announced today that all claims asserted by the lead plaintiff and the class in the consolidated securities class action have been dismissed with prejudice by the United States District Court, Southern District of New York. By entering into the agreement, neither Agria nor the other defendants admit wrongdoing or liability.
The final judgment and order of dismissal with prejudice approve the previously announced memorandum of understanding (MOU) with the lead plaintiff, which provided for the settlement and release and dismisses with prejudice any and all claims that were asserted, or could have been asserted, against all defendants in or relating to "In re Agria Corporation Securities Litigation, Consolidated Case No. 1:08-cv-3536 (WHP)," including all of the underwriter defendants and all served and un-served defendants named in the consolidated complaint dated February 3, 2009.
Under the final agreement, the amount to be paid on behalf of all defendants to the lead plaintiff for the benefit of the class in settlement of the abovementioned class action is $3.75 million. There will be no impact to the Company's financials from this settlement since Agria's insurance companies will pay the settlement in its entirety.
Xie Tao, Agria's Chief Executive Officer, commented, "We are pleased to have this matter formally closed, with no impact to Agria's financials in the settlement. We thank our internal and external legal counsel, which have been instrumental in helping us secure this result. Our entire team remains focussed on increasing shareholder value through the ongoing development of Agria's business, anchored by our majority ownership of New Zealand's PGG Wrightson Limited."
About Agria Corporation
Agria Corporation (NYSE: GRO) is a China-based company with investments in the agricultural sector. For more information about Agria Corporation, please visit www.agriacorp.com.
Safe Harbor Statement: This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Agria may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Agria's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in Agria's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this announcement unless otherwise stated, and Agria does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts: In China: John Layburn Acting CFO; Chief Strategy and Compliance Officer China Tel: 86-10-8438 1031 firstname.lastname@example.org In the U.S.: David Pasquale Senior Vice President U.S. Tel: +914-337-1117 email@example.com
SOURCE: Agria Corporation