BOSTON, May 24, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action lawsuit has been filed against JBS S.A. ("JBS" or the "Company") (OTCQX: JBSAY) and certain of its officers and directors for violations of the federal securities laws.
If you are an investor who purchased or otherwise acquired JBS American depository receipt ("ADR") shares between June 2, 2015 and May 19, 2017 (the "Class Period"), and wish to serve as lead plaintiff, you must move the Court no later than July 21, 2017 for lead plaintiff status. If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting www.blockesq.com/jbs.
On March 17, 2017, news reports revealed that Brazilian federal police raided the offices of JBS after a years-long investigation into an alleged bribery scheme by JBS to manipulate health regulators. On this news, shares of JBS fell more than 9%, causing millions in losses to investors.
Then, on May 12, 17, and 19, news outlets reported that Brazilian police were investigating whether JBS received special treatment from the state-run bank, that JBS' Chairman was recorded admitting to bribing public officials, and that Brazil's securities regulator had launched investigations against the Company.
On each of these reports, shares of JBS fell significantly, causing tens of millions of additional losses to investors.
The lawsuit alleges that (1) JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices, such as processing rotten meat and running plants with traces of salmonella; (2) Defendant J. Batista was providing monthly bribery payments to a former Brazilian government official and a lobbyist; (3) there were irregularities with the loans JBS received from Brazilian state-owned development bank BNDES; (4) the Company and other entities controlled by Defendants W. Batista and J. Batista made suspicious trades that exhibit signs of possible insider trading prior to the revelation of a plea deal by the Company's top executives; and (5) as a result, Defendants' statements about the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
As a member of the class, you may seek to file a motion to serve as a lead plaintiff by July 21, 2017, or take no action and remain an absent class member. Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
This notice may constitute attorney advertising.
Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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SOURCE Block & Leviton LLP