Glancy
Prongay & Murray LLP announces that it has filed a class action
lawsuit on behalf of investors of Braskem S.A. (“Braskem” or the
“Company”) American Depositary Receipts (“ADRs”) (NYSE:BAK), who
purchased shares between June 1, 2010 and March 11, 2015, inclusive (the
“Class Period”). The complaint against Braskem has been filed in the
United States District Court for the Southern District of New York, and
docketed as Case No: 15-cv-5183. Braskem investors have until September
1, 2015 to file a motion to serve as lead plaintiff in the class action.
Braskem is the largest producer of thermoplastic resins in the Americas.
Braskem buys naphtha, which accounts for half of its production costs
and is the main ingredient for making its petrochemicals, from Petróleo
Brasileiro S.A. – Petrobras (“Petrobras”). Petrobras provides
approximately 70% of Braskem’s naphtha needs.
According to the complaint, the truth began to emerge on March 11, 2015,
when a report from a São Paulo newspaper, Folha de S. Paolo, implicated
Braskem in the corruption scandal surrounding Petrobras. As reported by
Folha de S. Paolo, testimony from a former Petrobras executive alleged
that Braskem engaged in a bribery and corruption scandal that enabled
the Company to purchase raw materials at favorable prices. According to
the testimony Braskem allegedly paid annual bribes to Petrobras,
initially set at $5 million, to buy crude derivatives such as naphtha
and propylene at low prices from at least 2006 to 2012.
After reports of the pervasive bribery scandal surfaced, the Company’s
equity and debt securities prices fell sharply and investors have been
damaged, with Braskem ADRs falling $1.72 per ADR, to close on March 11,
2015 at $6.71 per ADR, an one day decline of over 20% on unusually heavy
volume.
If you 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, of Glancy Prongay & Murray LLP, 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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