NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), remind investors that they have until August 31, 2015 to file lead plaintiff applications in a securities class action lawsuit against Braskem S.A. (NYSE:BAK) (“Braskem”) if they purchased the Braskem’s American Depositary Receipts ("ADRs") between June 1, 2010 and March 11, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York. If you are a Braskem shareholder, you are encouraged to contact Scott+Scott for additional information.
Braskem (NYSE:BAK) is a Brazilian petrochemical company and is the largest petrochemicals producer in Latin America. Braskem is also the largest producer of thermoplastic resins in the Americas.
On March 11, 2015, Braskem’s shares plummeted after a report from a local newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding state-owned oil producer Petroleo Brasileiro SA (“Petrobras”). On this news, shares of Braskem fell over 20%, or $1.80 per share, on March 11, 2015.
On March 17, 2015, according to a Bloomberg article discussing Braskem, “ex-Petrobras executive Paulo Roberto Costa and admitted money launderer Alberto Youssef said in testimony” that “Braskem paid annual bribes, initially set at $5 million, to buy crude derivatives such as naphtha and propylene at low prices from 2006 to 2012.”
What You Can Do
If you are a Braskem shareholder 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, (860) 537-5537) or visit the Scott+Scott website for more information: http://www.scott-scott.com.
About Scott+Scott, Attorneys at Law, LLP
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.