SAN FRANCISCO, May 24, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in JBS S.A. (JBSAY) to the securities class action pending in the United States District Court for the Eastern District of New York and to the July 21, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of JBS S.A. between June 2, 2015 and May 19, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing JBSAY@hbsslaw.com.
On March 17, 2017, Reuters reported that Brazil police raided JBS premises during their "Operation Weak Flesh" probe into illegal bribes to inspectors and politicians for overlooking unsanitary practices such as processing rotten meat and shipping exports with traces of salmonella. This news drove the price of JBS securities down over 9.2% that day.
On May 12, 2017, Reuters reported the Brazilian federal audit court said it "found irregularities related to a loan of 1.13 billion reais ($362 million) from the bank to JBS in 2007, which the company used to finance the acquisition of Swift & Co." This news drove the price of JBS securities down over 8% that day.
On May 17, 2017, The New York Times reported that Joesley Batista, the chief executive of J&F Investments, which controls JBS, visited and secretly recorded Brazil President Michel Temer endorsing Batista's "payment of hush money to a once-powerful politician jailed for corruption[.]"
The article further reported that, according to Brazilian newspaper O Globo, "the recording was made as part of a plea bargain that the brothers Joesley and Wesley Batista, who control the family–owned meat giant JBS, made with prosecutors" and "[t]he plea bargain arose out of the giant graft investigation involving Petrobas, the national oil company." This news drove the price of JBS securities down 16% the next day.
Then, on May 19, 2017, Reuters reported that Brazil's securities regulator launched four new probes against JBS and other companies controlled by J&F Investimentos. The regulator reportedly said it is investigating signs of suspicious insider trading. This news drove the price of JBS securities down over 31% the next trading day.
"We're focused on these reported facts, which if true, starkly contrast with the Company's earlier statements," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding JBS 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 JBSAY@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 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. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP