SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Gerdau S.A...
June 02 2016 - 04:58PM
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Gerdau S.A.
(NYSE:GGB)?
- Did you purchase your shares between June 2, 2011 and
May 15, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a
complaint has been filed in the United States District Court for
the Southern District of New York on behalf of all persons or
entities that purchased the American Depository Receipts (“ADRs”)
of Gerdau S.A. (“Gerdau” or the “Company”) (NYSE:GGB) between June
2, 2011 and May 15, 2016, inclusive (the “Class Period”), alleging
violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the “Complaint”).
If you purchased ADRs of Gerdau during the Class
Period, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky &
Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at
(888) 969-4242; by e-mail to info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/gerdau-s-a-ggb.
The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements,
and omitted materially adverse facts, about the Company’s business,
operations and prospects. Specifically, the Complaint alleges
that the defendants concealed from the investing public that: (1)
the Company was engaged in a bribery scheme in collusion with
Brazil’s Board of Tax Appeals (“CARF”); (2) Gerdau had defrauded
Brazilian tax authorities of roughly $429 million in taxes; (3)
Gerdau’s Chief Executive Officer (“CEO”), Defendant André Bier
Gerdau Johannpeter (“Johannpeter”) and other directors and
employees of the Company had engaged in bribery, money laundering,
and influence peddling; and (4) as a result of the foregoing,
Defendants’ statements about Gerdau’s business, operations, and
prospects were false and misleading and/or lacked a reasonable
basis. As a result of defendants’ alleged false and
misleading statements, the Company’s stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on May 16, 2016,
various news outlets reported that Brazil’s federal police had
accused Gerdau of evading $429 million in taxes and indicted a
total of 19 Gerdau personnel, including Defendant Johannpeter and
some of the Company’s executives, directors and lawyers, on
corruption-related charges including bribery, money laundering, and
influence peddling.
On this news, ADRs of Gerdau dropped over 7%,
closing at $1.72 per share on May 16, 2016, on heavy trading
volume.
If you wish to serve as lead plaintiff, you must
move the Court no later than July 25, 2016.
A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. Any member
of the proposed 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.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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