NEW YORK, March 27, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP 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 all persons or entities that purchased the American Depository Receipts ("ADR's") of Chemical & Mining Co. of Chile Inc. ("C&M Chile" or the "Company") (NYSE:SQM). The class period is March 4, 2014 through March 17, 2015, inclusive.
Wolf Haldenstein encourages all shareholders who suffered losses on shares purchased within the class period to contact us immediately at (800) 575-0735 or email classmember@whafh.com.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) funds from C&M Chile were being channeled illicitly to electoral campaigns for the Independent Democratic Union, Chile's largest conservative party; and (2) the Company lacked adequate internal controls over financial reporting.
On March 11, 2015, C&M Chile disclosed that its Board of Directors would meet to evaluate a request by Chile's Public Prosecutor for delivery of information pertaining to the alleged Banco Penta tax evasion and bribery scandal. On March 16, 2015, the Company announced that it had submitted all information requested by the Public Prosecutor. Moreover, the Company also announced that the Board had agreed to terminate CEO Patricio Contesse effective immediately, who had orchestrated attempts to block the Company from turning over these documents.
As a result of these shocking developments, C&M Chile stock declined in value, from a closing price of $26.17 per share on February 25, 2015, to close at $22.10 per share on March 17, 2015, a decline of 15.55% on unusually heavy trading volume.
On the morning of March 18, 2015, C&M Chile issued a press release indicating that the three representatives on its Board from Canadian stakeholder Potash Corporation had resigned the prior day. On this news, C&M Chile stock declined an additional $3.45 per share, or 15.6% to close at $18.65 on March 18, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should kindly make reference to the "C&M Chile investigation."
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