DEADLINE ALERT – GERDAU S.A. - Brower Piven Reminds Investors Of Upcoming Deadline And Encourages Shareholders Who Have Los...
July 18 2016 - 03:42PM
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.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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