Glancy
Prongay & Murray LLP (“GPM”) reminds investors that a
class action lawsuit has been filed on behalf of a class of investors
who purchased shares of Braskem S.A. (“Braskem” or the “Company”)
American Depositary Receipts (“ADRs”) (NYSE: BAK), between June 1, 2010
and March 11, 2015, inclusive (the “Class Period”). Braskem investors
have until August 31, 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.
Braskem investors have until August 31, 2015 to file a motion to
serve as lead plaintiff in the class action. If you have information or
would like to learn more about these claims, or have any questions
concerning this announcement, please contact Casey Sadler, 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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