NEW YORK, March 6, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of BRF S.A. ("BRF" or the "Company") (NYSE: BRFS). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether BRF and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 17, 2017, news outlets reported that Brazilian federal police raided the offices of BRF and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants. The probe, known as "Operation Weak Flesh," had uncovered about 40 cases of meatpackers who had bribed inspectors and politicians to overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella. Police arrested three BRF employees, as well as 20 public officials.
On this news, BRF's share price fell $0.99, or 7.73%, to close at $11.81 on March 17, 2017.
On March 5, 2018, Reuters reported that Brazilian federal police arrested BRF's former chief executive officer on charges that he and other executives were aware that BRF committed fraud by trying to avoid food safety checks.
On this news, BRF's share price fell $1.83 or 19.42% to close at $7.59 per share on March 5, 2018.
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