BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Banco Bradesco S.A. (“Banco Bradesco” or the “Company”) (NYSE: BBD) American Depository Shares between April 30, 2012 through May 31, 2016, inclusive (the “Class Period”). Banco Bradesco investors have until August 2, 2016 to file a lead plaintiff motion.
Investors who suffered losses on their Banco Bradesco investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On May 31, 2016, several news reports disclosed that the Company’s CEO was indicted by Brazil police on corruption related charges. The Company, through its executives allegedly attempted to avoid paying an $828 million tax expense due to Brazil’s Tax Revenue Service. On this news shares of Banco Bradesco fell nearly 6%, on volume of over 31 million shares, to close on May 31, 2016 at $6.26 a share.
According to the lawsuit, throughout the Class Period the defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Banco Bradesco was engaged in a bribery scheme in collusion with the Brazilian Finance Ministry’s CARF; (2) Banco Bradesco executives were plotting to avoid an $828 million tax fine that was imposed by Brazil’s Internal Revenue Service; (3) Banco Bradesco’s CEO, Defendant Cappi, and other executives, directors and employees of the Company had engaged in bribery, money laundering, and corruption; (4) Banco Bradesco’s internal control over financial reporting and its disclosure controls and procedures were not effective; and (5) as a result, Banco Bradesco’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Banco Bradesco American Depository Shares during the Class Period you may move the Court no later than August 2, 2016 to ask the Court to appoint you 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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