NEW ORLEANS, Aug. 14, 2015 /PRNewswire/ -- 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
Sao Paulo newspaper, Folha de
S. Paolo, implicated Braskem in the corruption scandal
surrounding Petroleo 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.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC