Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Gerdau S.A. Investors & Encourages Inv...
June 29 2016 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Gerdau S.A. (“Gerdau” or the “Company”) (NYSE: GGB)
securities between June 2, 2011 and May 15, 2016, inclusive
(the “Class Period”). Gerdau investors have until July 25,
2016 to file a lead plaintiff motion.
Investors suffering losses on their Gerdau investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
Throughout the Class Period, Defendants made false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) the Company was
engaged in a bribery scheme in collusion with Brazil’s Board of Tax
Appeals (“CARF”); (ii) Gerdau had defrauded Brazilian tax
authorities of roughly $429 million in taxes; (iii) 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 (iv) 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.
If you purchased shares of Gerdau during the Class Period you
may move the Court no later than July 25, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you 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://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/20160629005384/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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