BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 28, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who purchased or otherwise acquired Graña y Montero S.A.A. (“Graña y Montero” or the “Company”) (NYSE: GRAM) securities between July 24, 2013 and February 24, 2017, inclusive (the “Class Period”). Graña y Montero investors have until April 28, 2017 to file a lead plaintiff motion.
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 Notably, in January 2017, Peru rescinded a contract to build and operate a pipeline to a consortium formed by Odebrecht and Graña y Montero in part because of the alleged bribery scandal.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, Graña y Montero shares fell nearly 35% 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 Graña y Montero shares, you may move the Court no later than April 28, 2017 to request appointment as lead plaintiff. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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