Scott+Scott, Attorneys at Law, LLP Announces Investigation of Braskem S.A. (BAK)
April 02 2015 - 10:56AM
Business Wire
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national
shareholder and consumer rights litigation firm, announces the
commencement of an investigation into Braskem S.A. (NYSE:BAK)
(“Braskem”) related to potential violations of federal securities
laws. 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 you wish to discuss this
investigation, or have questions about this notice or your legal
rights, please contact attorney Joseph Halloran at (800) 404-7770
or (646) 582-0121 or at or jhalloran@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.
Scott+Scott, Attorneys at Law, LLPJoseph V. Halloran,
646-582-0121jhalloran@scott-scott.com