NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”) filed an amended class action complaint in the United States District Court for the Southern District of New York on behalf of all purchasers of Braskem S.A. (“Braskem” or the “Company”) (NYSE:BAK) American Depositary Shares (“ADRs”) between June 10, 2011 and March 11, 2015 (the “Class Period”). The action seeks remedies under the Securities Exchange Act of 1934.
Braskem is a Brazilian petrochemical company that is the largest petrochemicals producer in Latin America. Braskem is also the largest producer of thermoplastic resins in the Americas. Braskem buys naphtha, which accounts for half of its production costs and is the main ingredient for making petrochemicals in Brazil, from Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) under long-term agreements. Petrobras provides approximately 70% of Braskem’s naphtha needs.
According to the complaint, the truth began to emerge on March 11, 2015, when a report from a São Paulo newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding Petrobras. According to testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef, Braskem paid at least $5 million annually to Petrobras between 2006 and 2012. The payments were made to acquire crude derivative contracts like propylene and naphtha at cheaper prices. On this news, Braskem ADRs fell over 20%, or $1.80 per ADR, on March 11, 2015.
You can view a copy of the complaint here: Case Summary and Complaint
If you purchased Braskem ADRs during this time period and wish to serve as a lead plaintiff in the action, you must move the Court no later than August 31, 2015. Any member of the class may move the Court to serve as lead plaintiff through counsel of its choice or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (email@example.com, (800) 404-7770, (646) 582-0121) or visit the Scott+Scott website for more information: http://www.scott-scott.com.
There is no cost or fee to you.
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Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.