NEW YORK, Aug. 3, 2015 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Braskem S.A.'s American Depositary Shares (NYSE: BAK). Braskem investors can contact Fei-Lu Qian at 877.370.7703 or email@example.com for more information.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 31, 2015. A lead plaintiff is a representative party acting on behalf of class members in directing the litigation.
The lawsuit alleges that during the period June 1, 2010 through March 11, 2015, the Company failed to disclose that Braskem was involved in a massive scheme to funnel millions of dollars in kickbacks to Petroleo Brasileiro S.A. – Petrobras, to buy crude derivatives such as naphtha and propylene at low prices from Petrobras. As a result, Braskem and certain of its officers made materially false and misleading statements regarding the Company's business, operational and compliance policies.
On March 11, 2015, a Brazilian newspaper implicated Braskem in a major bribery and corruption scandal involving Petrobras. Specifically, the newspaper reported that based on testimonies from former Petrobras executives and other individuals, Braskem had paid at least $5 million annually to Petrobras officials and Brazilian politicians.
On this news, Braskem's ADSs declined $1.72 per ADS, or over 20%, to close at $6.71 per ADS on March 11, 2015.
Wolf Popper LLP has extensive experience representing shareholders in securities class actions and has successfully recovered billions of dollars for defrauded investors. The reputation and expertise of the firm in representing shareholders has been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com
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