Scott+Scott, Attorneys at Law, LLP Files Securities Class Action Against Braskem S.A.
July 01 2015 - 2:20PM
Business Wire
Scott+Scott, Attorneys at Law, LLP filed a class action
complaint in the United States District Court for the Southern
District of New York on behalf of all purchasers of Braskem S.A.
(“Braskem” or the “Company”) American Depositary Shares (“ADRs”)
between June 1, 2010 and March 11, 2015 (the “Class Period”). The
action seeks remedies under the Securities Exchange Act of
1934.
Braskem is a Brazilian petrochemical company that is the largest
petrochemicals producer in Latin America. Braskem is also the
largest producer of thermoplastic resins in the Americas. Braskem
buys naphtha, which accounts for half of its production costs and
is the main ingredient for making petrochemicals in Brazil, from
Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) under long-term
agreements. Petrobras provides approximately 70% of Braskem’s
naphtha needs.
According to the complaint, the truth began to emerge on March
11, 2015, when a report from a São Paulo newspaper, Folha de S.
Paolo, implicated Braskem in the corruption scandal surrounding
Petrobras. As reported by Folha de S. Paolo, according to testimony
made by former Petrobras executive Paulo Roberto Costa and
self-confessed money launderer Alberto Youssef, Braskem paid at
least $5 million annually to Petrobras between 2006 and 2012. The
payments were made to acquire crude derivative contracts like
propylene and naphtha at cheaper prices. On this news, Braskem ADRs
fell over 20%, or $1.80 per ADR, on March 11, 2015.
You can view a copy of the complaint here: Case Summary and
Complaint
If you purchased Braskem ADRs during this time period 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, (646) 582-0121) or visit
the Scott+Scott website for more information:
http://www.scott-scott.com.
There is no cost or fee to you.
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