LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the August 2, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Banco Bradesco S.A. (“Banco Bradesco” or the “Company”) (NYSE: BBD) American Depository Shares between April 30, 2012 and May 31, 2016, inclusive (the “Class Period”). Banco Bradesco investors have until August 2, 2016 to file a lead plaintiff motion.
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 shares, you may move the Court no later than August 2, 2016 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 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://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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