BRASKEM SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors with Losses in Exces...
July 01 2015 - 10:00PM
Business Wire
Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former
Attorney General of Louisiana, Charles C. Foti, Jr., remind
investors that they have until August 31, 2015 to file lead
plaintiff applications in a securities class action lawsuit against
Braskem S.A. (NYSE: BAK) if they purchased the Company’s American
Depositary Receipts (“ADRs”) between June 1, 2010 and March 11,
2015, inclusive (the “Class Period”). This action is pending in the
United States District Court for the Southern District of New
York.
What You May Do
If you purchased ADRs of Braskem and would like to discuss your
legal rights and how this case might affect you and your right to
recover for your economic loss, you may, without obligation or cost
to you, call toll-free at 1-877-515-1850 or email KSF Managing
Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve
as a lead plaintiff in this class action, you must petition the
Court by August 31, 2015.
About the Lawsuit
Braskem and certain of its executives are charged with failing
to disclose material information during the Class Period, violating
federal securities laws.
On March 11, 2015, a report from a São Paulo newspaper, Folha de
S. Paolo, implicated Braskem in the corruption scandal surrounding
Petróleo Brasileiro S.A. – Petrobras (“Petrobras”). The article
states that Braskem paid at least $5 million annually to Petrobras
between 2006 and 2012 to acquire crude derivative contracts like
propylene and naphtha at cheaper prices, according to a testimony
made by former Petrobras executive Paulo Roberto Costa and
self-confessed money launderer Alberto Youssef.
On this news, the price of Braskem’s ADRs plummeted by over
20%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former
Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers
with significant experience litigating complex securities class
actions nationwide on behalf of both institutional and individual
shareholders, you may visit www.ksfcounsel.com.
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Kahn Swick & Foti, LLCLewis Kahn, Managing Partner,
877-515-1850lewis.kahn@ksfcounsel.com