BRASKEM SHAREHOLDER ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces the Filing of a Securities Class Actio...
July 10 2015 - 10:31PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP reminds
investors of the August 31, 2015 lead plaintiff deadline in
a securities class action lawsuit filed by the firm against Braskem
S.A. (NYSE: BAK). If you purchased Braskem common stock during the
period between July 1, 2010 and March 10, 2015 (the “Class
Period”), and suffered significant losses, you are encouraged to
contact Johnson & Weaver regarding your legal rights.
Additional Information about the
Lawsuit:
Braskem is a Brazilian petrochemical company headquartered in
São Paulo. The lawsuit seeks to recover damages for Braskem
investors under the federal securities laws.
According to the lawsuit, on March 11, 2015, a report from a São
Paulo newspaper, Folha de S. Paolo, implicated Braskem in the
corruption scandal surrounding Petróleo Brasileiro S.A. – Petrobras
(“Petrobras”). The published report cited testimony by former
Petrobras executive Paulo Roberto Costa and self-confessed money
launderer Alberto Youssef stating that Braskem had paid at least $5
million in bribes annually to Petrobras between 2006 and 2012.
These payments were made in order to acquire crude derivative
contracts, like propylene and naphtha, at cheaper prices. On this
news, the price of Braskem ADRs plummeted over 20%, or $1.80 per
ADR from their March 10, 2015 close, to close at $7 on March 11,
2015, on usually high trading volume of more than 1.4 million ADRs
trading, or more than twice the average daily volume over the
preceding ten trading days.
Plaintiff seeks to recover damages on behalf of all purchasers
of Braskem’s publicly traded securities during the Class Period. If
you wish to serve as a lead plaintiff, you must move the Court no
later than August 31, 2015. If you wish to discuss this
action, have any questions concerning this notice, or your rights
or interests, please contact lead analyst Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471. If you
email, please include your phone number.
About Johnson & Weaver,
LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
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Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com