NEW YORK, March 20, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Cemex, S.A.B. de C.V. ("Cemex" or the "Company") (NYSE: CX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Cemex American Depositary Receipts ("ADRs") between August 14, 2014 and March 13, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/cx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Cemex executives had engaged in an unlawful bribery scheme in connection with the Company's business dealings in Colombia; (2) discovery of the foregoing conduct would likely subject the Company to heightened regulatory scrutiny and potential criminal sanctions; (3) the Company lacked adequate internal controls over financial reporting; and (4) as a result, Cemex's public statements were materially false and misleading at all relevant times.
On September 23, 2016, post-market, Cemex disclosed the Company's dismissal of two senior executives after an internal probe found that payments worth $20 million relating to a land deal in Colombia had breached company protocols. On this news, Cemex's American depositary receipt ("ADR") price fell $0.17, or 2.28%, to close at $7.26 on September 26, 2016. On December 9, 2016, Cemex disclosed receipt of a subpoena from the U.S. Securities and Exchange Commission seeking information about irregular payments made at the Company's Colombia unit. Then, on March 14, 2018, Cemex disclosed that the U.S. Department of Justice is investigating the Company over payments made by the Company related to a cement plant it is building in Colombia to determine whether any violations of federal bribery laws occurred. On this news, Cemex's ADR price fell $0.12, or 1.64%, to close at $7.21 on March 14, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/cx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Cemex you have until May 15, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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