NEW YORK, July 2, 2015 /PRNewswire/ -- Bernstein
Liebhard LLP announced that a class action has been commenced in
the United States District Court for the Southern District of
New York on behalf of purchasers
of Braskem S.A. ("Braskem" or the "Company") (NYSE: BAK) American
Depository Receipts ("ADRs") between June 1,
2010 and March 11, 2015,
inclusive (the "Class Period").
Braskem is a Brazilian petrochemical company and is the largest
producer of petrochemicals in Latin America. The Company is
also the largest producer of thermoplastic resins in the
Americas. Braskem buys naphtha, which accounts for half its
production costs and is the main ingredient for making
petrochemicals in Brazil, from its
largest shareholder, Petróleo Brasileiro S.A. – Petrobas
("Petrobras"), under long-term agreements. Petrobras provides
approximately 70% of Braskem's naphtha needs.
The complaint charges Braskem and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Specifically, the complaint alleges that throughout the
Class Period, the defendants made false and/or misleading
statements and/or omissions regarding the effectiveness of
Braskem's internal controls and procedures.
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 Petrobas. According to testimony made by former
Petrobas executive Paulo Roberto
Costa and self-confessed money launderer Albert Youssef, Braskem paid at least
$5 million annually in bribes to
Petrobas between 2006 and 2012 to acquire crude derivative
contracts like naphtha and propylene at cheaper prices.
On this news, shares of Braskem fell $1.80 per ADR, over 20%, on March 11, 2015.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased or otherwise acquired Braskem ADRs during the
Class Period. If you purchased or otherwise acquired Braskem
ADRs as described above, and either lost money on the transaction
or still hold the shares, you may wish to join in this action to
serve as lead plaintiff. In order to do so, you must meet
certain requirements set forth in the applicable law and file
appropriate papers no later than August 31,
2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a Braskem
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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