Scott+Scott, Attorneys at Law, LLP Files an Amended Securities Class Action Against Braskem S.A.
August 04 2015 - 11:27AM
Business Wire
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”) filed an
amended 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”) (NYSE:BAK) American
Depositary Shares (“ADRs”) between June 10, 2011 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. 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