STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of JBS S.A. (Other OTC: JBSAY) (“JBS” or the “Company”) American Depositary Receipts (“ADRs”) during the period between June 2, 2015 and May 19, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until July 21, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in JBS ADRs during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella.
According to the complaint, following March 17, 2017 and March 18, 2017 news reports that Brazilian federal police raided the offices of JBS and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants and overlook unsanitary practices, May 12, 2017 news reports that the Brazilian federal police were investigating whether JBS received favorable treatment from state-owned development bank BNDES, May 17, 2017 news reports that JBS Chairman was recorded telling the President of Brazil that monthly bribery payments were provided to certain individuals in return for silence, and May 19, 2017 news reports that Brazil’s securities regulator said that it launched four new probes to investigate suspicious trades, the value of JBS shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in JBS ADRs purchased on or after June 2, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.