Glancy Prongay & Murray Commences Investigation on Behalf of Gerdau S.A. Investors
June 08 2016 - 02:26PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces an
investigation on behalf of investors of Gerdau S.A. (“Gerdau” or
the “Company”) (NYSE: GGB) concerning the Company and its officers’
possible violations of federal securities laws. GPM is preparing a
lawsuit on behalf of injured investors.
On or around March 26, 2015, several news outlets reported that
Gerdau was raided by the Brazilian Federal Police as a part of
"Operation Zelotes", an investigation into alleged tax fraud
by a number of Brazilian companies. According to reports, Gerdau is
accused of having entered into a bribery scheme and defrauding
Brazilian tax authorities of over $380 million.
On this news, the value of Gerdau’s American Depository Receipts
("ADRs") fell over 11%, to close on March 27, 2015 at just $3.06
per share on unusually heavy volume.
Then on May 16, 2016, numerous media outlets reported that
Brazil's federal police had accused Gerdau of evading $429 million
in taxes and indicted several Gerdau executives, including Chief
Executive Officer André Gerdau Johannpeter, on corruption-related
charges involving bribery, money laundering, and influence
peddling.
On this news, Gerdau's ADRs fell over 7%, to close at just $1.72
per share on May 16, 2016.
If you purchased Gerdau securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160608006326/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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