Scott+Scott, Attorneys at Law, LLP Reminds Investors of Lead Plaintiff Deadline in Class Action Lawsuit Against Braskem S.A.
August 18 2015 - 11:19AM
Business Wire
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), 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) (“Braskem”) if they purchased the Braskem’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. If you are a Braskem shareholder, you are
encouraged to contact Scott+Scott for additional information.
Braskem (NYSE:BAK) is a Brazilian petrochemical company and is
the largest petrochemicals producer in Latin America. Braskem is
also the largest producer of thermoplastic resins in the
Americas.
On March 11, 2015, Braskem’s shares plummeted after a report
from a local newspaper, Folha de S. Paolo, implicated Braskem in
the corruption scandal surrounding state-owned oil producer
Petroleo Brasileiro SA (“Petrobras”). On this news, shares of
Braskem fell over 20%, or $1.80 per share, on March 11, 2015.
On March 17, 2015, according to a Bloomberg article discussing
Braskem, “ex-Petrobras executive Paulo Roberto Costa and admitted
money launderer Alberto Youssef said in testimony” that “Braskem
paid annual bribes, initially set at $5 million, to buy crude
derivatives such as naphtha and propylene at low prices from 2006
to 2012.”
What You Can Do
If you are a Braskem shareholder and wish to serve as a lead
plaintiff in the action, you must move the Court no later than
August 31, 2015. Any member of the class may move the Court to
serve as lead plaintiff through counsel of its choice or may choose
to do nothing and remain an absent class member. If you wish to
discuss this action or have questions concerning this notice or
your rights, please contact Scott+Scott (scottlaw@scott-scott.com,
(800) 404-7770, (860) 537-5537) or visit the Scott+Scott website
for more information: http://www.scott-scott.com.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major
securities, antitrust, and employee retirement plan actions
throughout the United States. The firm represents pension funds,
foundations, individuals, and other entities worldwide.
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Scott+Scott, Attorneys at Law, LLPJoseph V. Halloran,
646-582-0121jhalloran@scott-scott.com