NEW YORK, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in United States District Court for the District of New Jersey on behalf of investors that purchased or acquired the American Depositary Receipts (“ADRs”) of Braskem S.A. (“Braskem” or the “Company”) (NYSE: BAK) between May 6, 2016 and July 8, 2020 (the “Class Period”).
All investors who purchased ADRs of Braskem S.A. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADRs of Braskem S.A., you may, no later than October, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADRs of Braskem S.A.
On April 2, 2019, media sources and Braskem disclosed that the Company had been sued by local authorities in connection with a geological event it had purportedly caused in the state of Alagoas, Brazil. Specifically, Braskem disclosed, in relevant part, that the Company "ha[d] become aware, through the media, of a lawsuit filed against it by the Public Prosecutor's Office and the Public Defender's Office, both of the State of Alagoas." The Company disclosed that the lawsuits were "requesting the freezing of amounts and assets in a total of approximately R$6.7 billion [6.7 billion Brazilian reais] to guarantee any potential damages owed to the general public affected by the geological phenomenon which occurred in districts near the rock salt extraction area in Macei."
On this news, Braskem's ADR price fell $1.60 per share over two trading days, or 5.98%, to close at $25.14 per share on April 3, 2019.
Finally, on July 9, 2020, during pre-market hours, Braskem disclosed that authorities in northeastern Brazil had advised the Company that the geological damage from its salt mining operations was more widespread than initial estimates. Specifically, among other things, 1,918 properties needed to be evacuated because of the geological event associated with Braskem's mining operations, and Braskem estimated that moving the residents would cost the Company an additional R$850 million in possible payments to those residents, with another additional R$750 million in expenses to "definitively" shut down Braskem's salt mining operations.
On this news, Braskem's ADR price fell $0.59 per share, or 6.20%, to close at $8.93 per share on July 9, 2020.
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 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 by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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