NEW YORK, Aug. 3, 2015 /PRNewswire/ -- Wolf Popper LLP is
investigating potential securities fraud claims on behalf of
investors in Braskem S.A.'s American Depositary Shares (NYSE:
BAK). Braskem investors can contact Fei-Lu Qian at 877.370.7703 or
fqian@wolfpopper.com for more information.
A class action lawsuit has already been filed. If you wish
to serve as lead plaintiff, you must move the Court no later than
August 31, 2015. A lead
plaintiff is a representative party acting on behalf of class
members in directing the litigation.
The lawsuit alleges that during the period June 1, 2010 through March
11, 2015, the Company failed to disclose that Braskem was
involved in a massive scheme to funnel millions of dollars in
kickbacks to Petroleo Brasileiro S.A. – Petrobras, to buy crude
derivatives such as naphtha and propylene at low prices from
Petrobras. As a result, Braskem and certain of its officers
made materially false and misleading statements regarding the
Company's business, operational and compliance policies.
On March 11, 2015, a Brazilian
newspaper implicated Braskem in a major bribery and corruption
scandal involving Petrobras. Specifically, the newspaper
reported that based on testimonies from former Petrobras executives
and other individuals, Braskem had paid at least $5 million annually to Petrobras officials and
Brazilian politicians.
On this news, Braskem's ADSs declined $1.72 per ADS, or over 20%, to close at
$6.71 per ADS on March 11, 2015.
Wolf Popper LLP has extensive experience representing
shareholders in securities class actions and has successfully
recovered billions of dollars for defrauded investors. The
reputation and expertise of the firm in representing shareholders
has been repeatedly recognized by the courts, which have appointed
the firm to major positions in securities litigation. See
www.wolfpopper.com
Attorney Advertising: Prior Results Do Not Guarantee A Similar
Outcome.
Wolf Popper LLP
Fei-Lu Qian
845 Third Avenue
New York, NY 10022
Tel.: 877.370.7703
Fax: 877.370.7704
Email: fqian@wolfpopper.com
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SOURCE Wolf Popper LLP