Saxena White P.A. Has Filed a Securities Fraud Class Action Against Aracruz Celulose S.A.
BOCA RATON, FL--(Marketwire - November 26, 2008) - Notice is hereby given that Saxena White
P.A. has filed suit on behalf of shareholders of Aracruz Celulose S.A.
("Aracruz" or the "Company") (NYSE: ARA) (SAO PAULO: ARCZ6) in the United
States District Court for the Southern District of Florida.
The complaint seeks damages for violations of federal securities laws on
behalf of all investors who purchased Aracruz Celulose S.A. American
Depository Receipts (ADR's) and/or common stock between April 7, 2008
through October 2, 2008, inclusive (the "Class Period"). Aracruz is a
major Brazilian manufacturer of forest products, which they market to
manufacturers of consumer paper products around the world.
During the Class Period, Aracruz entered into undisclosed currency
derivative contracts to purportedly hedge against the Company's U.S. dollar
exposure. The Company characterized the use of these contracts as
protection against foreign interest rate volatility and assured investors
that this type of trading did not represent "a risk from an economic and
financial standpoint." However, these contracts violated Company policy in
that they were far larger than necessary to hedge normal business
operations. As a result of Aracruz's clandestine and speculative currency
wagers, credit rating agencies downgraded Aracruz, the Company's CFO
resigned, and Aracruz's stock suffered a severe decline, plummeting to the
lowest levels in 14 years. On October 3, 2008, the price of the ADR's
traded on the New York Stock Exchange closed at $23.40, down $7.84 per
share, a decline of 25%. The Company's common stock suffered similar
drastic declines on the Sao Paulo Bovespa.
You may obtain a copy of the complaint from the Court, by contacting Saxena
White P.A. through its website www.saxenawhite.com, by emailing
jwhite@saxenawhite.com or gstone@saxenawhite.com, or by calling (561)
394-3399.
If you acquired the American Depository Receipts and/or common stock of
Aracruz Celulose S.A. between April 7, 2008 through October 2, 2008,
inclusive, you may wish to contact Joe White or Greg Stone at Saxena White
P.A. to discuss your rights and interests:
If you wish to apply to be the lead plaintiff in this action, a motion on
your behalf must be filed with the court no later than January 26, 2009.
You may contact Saxena White P.A. to discuss your rights regarding the
appointment of lead plaintiff and your interest in the class action.
Please note that you may also retain counsel of your choice and need not
take any action at this time to be a class member.
Saxena White P.A, which has offices in Boca Raton and Boston, specializes
in prosecuting securities fraud and complex class actions on behalf of
institutions and individuals. Currently serving as lead counsel in
numerous securities fraud class actions nationwide, the firm has recovered
hundreds of millions of dollars on behalf of injured investors and is
active in major litigation pending in federal and state courts throughout
the United States.
Contact Information: Joseph E. White, III
Greg Stone
Saxena White P.A.
2424 North Federal Highway, Suite 257
Boca Raton, FL 33431
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com