Burford Capital (BUR) Falls 7.8% as Traders Take Profits

Burford Capital Limited (NYSE:BUR) is one of 10 Stocks that Fell Off the Cliff.

Burford Capital dropped its share prices by 7.85 percent on Tuesday to close at $13.14 apiece as investors resorted to profit-taking following a 22-percent surge in the previous day, thanks to a US court ruling in relation to its litigation case against Argentina.

In the Court order, US District Judge Loretta Preska told Argentina to transfer its YPF shares to BNY Mellon within 14 days and within one business day to the plaintiffs.

Argentinian President Javier Milei, however, vowed to appeal to “defend national interests.”

The case stemmed from Argentina’s 2012 seizure of the 51-percent stake in YPF held by Spain-based Repsol without tendering for shares held by minority investors Petersen Energia Inversora and Eton Park Capital Management.

The plaintiffs were represented by litigation funder Burford Capital Limited (NYSE:BUR), which had expected to receive 35 percent and 73 percent of Petersen and Eton Park’s respective damages.

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Disclosure: None. This article is originally published at Insider Monkey.