NEW YORK, March 28, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Graña y Montero S.A.A. ("Graña y Montero" or the "Company") (NYSE: GRAM) of the April 28, 2017 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 U.S. District Court for the Eastern District of New York on behalf of all those who purchased Graña y Montero American Depositary Shares ("ADSs") between July 24, 2013 and February 24, 2017 (the "Class Period"). The case, Goldberg v. Grana y Montero S.A.A. et al., No. 17-cv-01643 was filed on March 23, 2017, and has been assigned to Judge Leonard D. Wexler.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company 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) as a result, the Company's statements about the its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on February 24, 2017, Reuters published an article highlighting a report that the Company knew about $20 million in bribes paid to former Peruvian President, Alejandro Toledo.
On this news, Graña y Montero's ADS price fell from $5.09 per share on February 23, 2017 to a closing price of $3.32 on February 24, 2017—a $1.77 or a 34.77% drop.
Request more information now by clicking here: www.faruqilaw.com/GRAM . There is no cost or obligation to you.
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 Graña y Montero's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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