NEW YORK, Aug. 11, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Braskem S.A. ("Braskem" or the "Company") (NYSE: BAK) of the August 31, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased Braskem securities between June 1, 2010 and March 11, 2015 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that Braskem engaged in a bribery scheme that enabled the Company to purchase raw materials at favorable prices. Specifically, on March 11, 2015, a report published in a São Paulo newspaper, Folha de S. Paolo, accused Braskem of paying at least $5 million annually to Petrobras, Brazil's semi-public multinational energy corporation, between 2006 and 2012 to acquire crude derivative contracts at cheaper prices. The article quoted testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef.
With this news, Braskem ADRs fell $1.72 per ADR, to close on March 11, 2015 at $6.71 per ADR, a 20% decline during heavy volume intraday trading.
Request more information now by clicking here: www.faruqilaw.com/BAK. There is no cost or obligation to you.
If you invested in Braskem stock or options between June 1, 2010 and March 11, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/BAK. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Braskem's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. email@example.com Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP