SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Centrais Eletricas Brasileiras S.A. - ELETROBRAS

Jul 30, 2015, 14:33 ET from Rigrodsky & Long, P.A.

WILMINGTON, Del., July 30, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:

  • Do you, or did you, own shares of Centrais Elétricas Brasileiras S.A. – ELETROBRAS (NYSE: EBR)?
  • Did you purchase your shares between February 10, 2014 and April 29, 2015, inclusive?
  • Did you lose money in your investment?

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the American Depository Shares ("ADSs") of Centrais Elétricas Brasileiras S.A. – ELETROBRAS ("Eletrobras" or the "Company") (NYSE: EBR) between February 10, 2014 and April 29, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").

If you purchased ADSs of Eletrobras during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://www.rigrodskylong.com/investigations/centrais-eletricas-brasileiras-sa-eletrobras-ebr.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects.  As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period. 

According to the Complaint, on April 30, 2015, Eletrobras announced to investors that due to news reports about bribery taking place at its subsidiary, Eletrobras Termonuclear S.A. - Eletronuclear, the Company would not be filing its Form 20-F on time and needed the additional time to make sure the proper auditing procedures were being followed.

On this news, ADSs in Eletrobras declined over 8%, closing at $2.45 per share on April 30, 2015, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2015.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed 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.

Attorney advertising.  Prior results do not guarantee a similar outcome.

CONTACT: 

Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com

 

 

SOURCE Rigrodsky & Long, P.A.



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