NEW YORK, Aug. 4, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Embraer S.A. ("Embraer" or the "Company") (NYSE: ERJ). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Embraer and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
In 2014, Brazilian authorities filed a criminal complaint against an Embraer sales consultant who reportedly admitted to paying bribes on behalf of the Company with the knowledge of its top management. Along with the sales consultant, eight former Embraer executives and directors were also charged. The basis of the charges was reported to be evidence provided by U.S. authorities, who had been investigating possible violations of the U.S. Foreign Corrupt Practices Act ("FCPA") since as early as 2010.
In July 2016, Embraer announced the departure of its Chief Executive Officer Frederico Curado. On July 29, 2016, Embraer reported a loss of $99.4 million for the quarter after setting aside $200 million in connection with the U.S. FCPA probe and disclosed that the Company had been negotiating with the U.S. Department of Justice to settle the investigation since May 2015. Embraer also lowered its 2016 guidance for its executive jet business.
On this news, Embraer's share price fell $2.93, or 13.82%, to close at $18.27 on July 29, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP