In 2014, Brazilian authorities filed a criminal complaint against an Embraer sales consultant and eight former Ebraer executives and directors after a sales consultant admitted to paying bribes for Embraer, with the approval of Embraer's top management. The charges were based on evidence provided by U.S. authorities, who had been investigating Embraer possible violations of the U.S. Foreign Corrupt Practices Act ("FCPA") since 2010. In July 2016, Embraer stated that its Chief Executive Officer Frederico Curado would be stepping down. Later, on July 29, 2016, Embraer filed its quarterly report, showing a loss of $99.4 million, after setting aside $200 million in connection with the U.S. FCPA probe. The Company also revealed that they had been talking with the U.S. Department of Justice to try and settle the investigation since May 2016. Embraer also lowered its 2016 guidance for its executive jet business. Following this news, Embraer stock dropped $2.99 per share, or 14.16%, to close at $18.12 on July 29, 2016.
If you purchased Embraer shares or if you are aware of any facts relating to this investigation, you can assist this investigation by visiting the firm's site: http://www.bgandg.com/erj. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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