RADNOR, Pa., July 13, 2015 The law firm of Kessler Topaz
Meltzer & Check, LLP announces that a shareholder class action
has been filed against Braskem SA (NYSE: BAK) ("Braskem" or the
"Company") on behalf of purchasers of the Company's American
Depositary Receipts ("ADRs") between June 1, 2010 and March 11,
2015, inclusive (the "Class Period").
For additional information about this lawsuit, or to request
information about this action online, please visit
http://www.ktmc.com/new-cases/braskem-sa.
Braskem shareholders who wish to discuss this action and their
legal options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq.,
D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888)
299-7706 or at info@ktmc.com.
According to the complaint, Braskem is a Brazilian petrochemical
company and is the largest petrochemical producer in Latin America. Naphtha accounts for half
of Braskem's production costs and is the main ingredient for making
petrochemicals in Brazil. At
relevant times during the Class Period, Braskem purchased naphtha
from Petroleo Brasileiro ("Petrobras") under long-term
agreements.
The complaint alleges that, throughout the Class Period, Braskem
was involved in a massive scheme to funnel millions of dollars in
kickbacks to Petrobras executives. As a result, during the
Class Period Braskem and certain of its executive officers made a
series of materially false and misleading statements to investors
about Braskem's business, operational and compliance
policies.
On March 11, 2015, the truth
emerged when a report from a local newspaper implicated Braskem in
the corruption scandal surrounding Petrobras. As reported by
the local paper, testimony from former Petrobras executives and
others demonstrated that Braskem had routinely paid at least
$5 million annually to Petrobras
representatives between 2006 and 2012. Following this
disclosure, Braskem's ADRs declined $1.80, or over 20%, to close on March 11, 2015 at $7.05.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Kessler Topaz Meltzer & Check
(Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or
(610) 667 – 7706, or via e-mail at info@ktmc.com. The
complaint in this action was not filed by Kessler Topaz Meltzer
& Check. For additional information about the lawsuit, or
to request information about the action, please visit
http://www.ktmc.com/new-cases/braskem-sa.
Members of the class may, no later than August 31, 2015, petition the Court for
appointment as a lead plaintiff of the class. A lead
plaintiff is a representative party who acts on behalf of other
class members in directing the litigation. In order to be
appointed as a 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 in the action. Your ability to share in any recovery is
not affected by the decision of whether or not to serve as a lead
plaintiff. Any member of the purported class may move the
court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class
member.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler
Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf
of institutional and individual investors from the United States and around the world.
The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the
government and share in the recovery of government dollars).
For more information about Kessler Topaz Meltzer & Check, or
for additional information about participating in this action,
please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP