NEW ORLEANS, Aug. 14, 2015 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 31, 2015 to file lead plaintiff applications in a securities class action lawsuit against Braskem S.A. (NYSE: BAK) if they purchased the Company's American Depositary Receipts ("ADRs") between June 1, 2010 and March 11, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased ADRs of Braskem and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 31, 2015.
About the Lawsuit
Braskem and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 11, 2015, a report from a Sao Paulo newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding Petroleo Brasileiro S.A. – Petrobras ("Petrobras"). The article states that Braskem paid at least $5 million annually to Petrobras between 2006 and 2012 to acquire crude derivative contracts like propylene and naphtha at cheaper prices, according to a testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef.
On this news, the price of Braskem's ADRs plummeted by over 20%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner email@example.com 1-877-515-1850 206 Covington St. Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC