LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Graña y Montero S.A.A. (“Graña y Montero” or the “Company”) (NYSE: GRAM) securities between April 30, 2014 and February 24, 2017, inclusive (the “Class Period”). Graña y Montero investors have until April 28, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Graña y Montero investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On February 24, 2017, a report disclosed that the Company knew of bribes paid by a partner infrastructure developer Odebrecht in Peru, citing testimony of former Odebrecht executive Jorge Barata. Notably, in January 2017, Peru rescinded a contract to build and operate a pipeline to a consortium formed by Odebrecht and Graña y Montero in part because of the alleged bribery scandal. On this news shares of the Company fell by over 26% during trading on February 24, 2017.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose that: (1) Graña y Montero 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) consequently, defendants' statements about Graña's y Montero business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Graña y Montero during the Class Period you may move the Court no later than April 28, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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