BERWYN, Pa., March 1, 2017 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Eastern District of New York on behalf of all persons or entities that purchased Graña y Montero S.A.A. ("Graña" or the "Company") (NYSE: GRAM) securities between April 30, 2014 and February 24, 2017, inclusive (the "Class Period").
Graña shareholders may, no later than April 28, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Graña and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
The complaint charges Graña and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Graña, together with its subsidiaries, provides engineering and construction, infrastructure, real estate, and technical services in Latin America. The company engages in the civil construction, management, and implementation of housing development projects; mining contracting activities, such as mining, drilling, demolition, and other activity related to construction and electro mechanics; and architectural design and installation activities.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose that: (1) Graña was aware that its Brazilian partner Odebrecht S.A. paid bribes to former Peruvian President Alejandro Toledo to win construction work on a road traveling from Peru to Brazil; and (2) consequently, defendants' statements about Graña's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 24, 2017, a report disclosed that the Company knew of bribes paid by a partner infrastructure developer Odebrecht in Peru, citing testimony of former Odebrecht executive Jorge Barata. Notably, in January 2017, Peru rescinded a contract to build and operate a pipeline to a consortium formed by Odebrecht and Graña in part because of the alleged bribery scandal. On this news shares of the Company fell by over 26% during trading on February 24, 2017.
If you are a member of the class, you may, no later than April 28, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or visit: www.maniskas.com. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.