Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Gerdau S.A. To Contact Brower Pive...
May 29 2016 - 10:40AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Gerdau S.A.
(NYSE:GGB) (“Gerdau” or the “Company”) American Depositary Receipts
(“ADRs”) during the period between June 2, 2011 and May 15, 2016,
inclusive (the “Class Period”). Investors with losses in excess of
$100,000 who wish to become proactively involved in the litigation
have until July 25, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Gerdau ADRs during the Class Period. Members of the
Class will be represented by the lead plaintiff and counsel chosen
by the lead plaintiff. No class has yet been certified in the above
action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company was
engaged in a bribery scheme in collusion with Brazil’s Board of Tax
Appeals, Gerdau had defrauded Brazilian tax authorities of roughly
$429 million in taxes, and Gerdau’s Chief Executive Officer and
other directors and employees of the Company had engaged in
bribery, money laundering, and influence peddling.
According to the complaint, following the May 16, 2016 reports
by various news outlets that Brazil’s federal police had accused
the Company of evading $429 million in taxes and indicted a total
of 19 Company personnel on corruption-related charges, including
bribery, money laundering, and influence peddling, the value of
Gerdau shares declined significantly.
If you have suffered a loss from investment in Gerdau ADRs
purchased on or after June 2, 2011 and held through the revelation
of negative information during and/or at the end of the Class
Period and would like to learn more about this lawsuit and your
ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Brower Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160529005015/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
Gerdau (NYSE:GGB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gerdau (NYSE:GGB)
Historical Stock Chart
From Apr 2023 to Apr 2024