SAN FRANCISCO, Aug. 03, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors of the upcoming August 31, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against Braskem S.A. (NYSE:BAK) (“Braskem” or “the Company”). If you have losses in BAK American Depository Receipts (“ADRs”) during the Class Period contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing BAK@hbsslaw.com or visiting http://hb-securities.com/investigations/BAK.
The lawsuit, pending in U.S. District Court for the Southern District of New York, is filed on behalf of investors who purchased Braskem ADRs between June 1, 2010 and March 11, 2015, inclusive, (the “Class Period”). No class has been certified in this case. The deadline to move for the position of lead plaintiff in the case is August 31, 2015. You do not need to move for lead plaintiff to be a member of the Class or to participate in any recovery.
Braskem is a Brazilian petrochemical company and is Latin America’s largest petrochemical producer. A key ingredient for Braskem’s products is called naphtha, and during the Class Period, Braskem purchased naphtha from Petroleo Brasileiro (“Petrobras”) under long-term agreements. The complaint alleges that Braskem was a player in a massive kickback scheme to line the pockets of Petrobras executives. As a result of this conduct, statements made to investors about the Company’s business, operational, and compliance policies were allegedly false and misleading.
On March 11, 2015, a local newspaper implicated Braskem in the corruption scandal unfolding around Petrobras. The paper reported that testimony from former Petrobras executives and others demonstrated that between 2006 and 2012, Braskem paid Petrobras representatives at least $5 million annually. On this news, Braskem's ADRs declined $1.80, or over 20%, to close on March 11, 2015 at $7.05.
If you were negatively impacted by your investment in Braskem ADRs between June 1, 2010 and March 11, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Braskem should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email BAK@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.For the latest news from Hagens Berman, visit http://www.hbsslaw.com/newsroom or follow us on Twitter at @hagensberman.