NEW YORK, May 18, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC is
investigating potential claims on behalf of purchasers of the
American Depository Receipts of Gerdau S.A. ("Gerdau" or the
"Company") (NYSE: GGB). Such investors are advised to contact
Peretz Bronstein or his investor
relations analyst Yael Hurwitz at
info@bgandg.com or 212-697-6484.
The investigation concerns whether Gerdau and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
Around March 26, 2015, news
sources said that the Gerdau was raided by Brazilian Federal Police
in connection with "Operation Zelotes," an investigation of
suspected tax fraud by several Brazilian companies. Gerdau
allegedly defrauded tax authorities of more than $380 million and bribed tax authorities.
Following this news Gerdau's American Depository Receipts ("ADRs")
dropped $0.38 per share, or over 11%,
to close on March 27, 2015 at
$3.06 per share on unusually heavy
volume.
Around February 23 - February 26,
2016, Gerdau was again raided by Brazilian authorities in
connection with Operation Zelotes. Brazilian authorities said
Gerdau was targeted in a new stage of investigation implicating
bribes to the Board of Tax Appeals ("CARF"). Police carried out "20
court orders for testimonies and 18 search warrants in Rio Grande
do Sul, Rio de Janeiro,
Sao Paulo, Pernambuco and
Brasilia." Following this news
Gerday's ADRs dropped $0.19, or
nearly 18%, over four trading days, to close at $0.87 per share on February 26, 2016.
On May 16, 2016, several news
sources reported that Brazil's
federal police charged Gerdau of evading $429 million in taxes and prosecuted Gerdau
executives, including Chief Executive Officer André Gerdau
Johannpeter, for corruption. The charges included bribery, money
laundering, and influence peddling. Following this news Gerdau's
ADRs dropped $0.13, or over 7%, to
close at $1.72 per share on
May 16, 2016.
If you are aware of any facts relating to this investigation, or
purchased Gerdau ADR's, you can assist this investigation by
visiting the firm's site: http://www.bgandg.com/#!ggb/pnju1. You
can also contact Peretz Bronstein or
his Investor Relations Analyst, Yael
Hurwitz of Bronstein, Gewirtz & Grossman, LLC:
212-697-6484 or via email info@bgandg.com. Those who inquire
by e-mail are encouraged to include their mailing address, email
and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC