NEW YORK, March 31, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against JBS S.A. ("JBS" or the "Company") (OTCQX: JBSAY) and certain of its officers. The class action, filed in United States District Court, Eastern District of Pennsylvania, is on behalf of a class consisting of investors who purchased or otherwise acquired the publicly traded American Depositary Receipts ('ADRs") of JBS securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased JBS ADRs securities between June 2, 2015 and March 17, 2017, both dates inclusive, you have until May 22, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
JBS processes and sells beef, lamb, pork, and chicken products in Brazil and internationally. The Company is incorporated in the Federative Republic of Brazil and its principal executive offices are in Sao Paulo- SP, Brazil.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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; and (2) as a result, defendants statements about JBS's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 17, 2017, news outlets reported that Brazilian federal police raided the offices of JBS and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants and overlook unsanitary practices. Police arrested two JBS employees, as well as 20 public officials. JBS stated in a securities filing that three of its plants and one of its employees were targeted in the probe.
On this news, shares of JBS fell $0.71 per share, or over 9.2%, to close at $6.96 per share on March 17, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP