The Law Offices of Frank R. Cruz announces an investigation of Braskem S.A. (“Braskem” or the “Company”) (NYSE: BAK) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 30, 2023, Braskem disclosed that it was required to pay $203 million to repair damages at a rock-salt mine that it owns in Maceió. On this news, Braskem’s stock price fell $0.58, or 6.9%, to close at $7.78 per share on November 30, 2023, thereby injuring investors.
Then, on December 8, 2023, after the market closed, Braskem confirmed that it had “entered into an agreement with the Municipality of Maceió (“Global Agreement”) for the payment of [$347.14 million], which establishes the indemnity, compensation and full reimbursement from the Municipality of Maceió in relation to any and all pecuniary and non-patrimonial damages incurred by it.” On this news, Braskem’s stock price fell $0.30, or 4.2%, to close at $6.86 per share on December 11, 2023, thereby injuring investors further.
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If you purchased Braskem 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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