BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 7, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Embraer S.A. (“Embraer” or the “Company”) (NYSE: ERJ) securities between April 16, 2012 and July 28, 2016, inclusive (the “Class Period”). Embraer investors have until October 7, 2016 to file a lead plaintiff motion.
According to the lawsuit, throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that Embraer had paid bribes to officials to secure contracts for the sale of aircraft; Embraer’s President and Chief Executive Officer (“CEO”), Defendant Frederico Pinheiro Fleury Curado (“Curado”) was aware of the bribery scheme; the foreseeable consequences of the bribery scheme would cost Embraer hundreds of millions of dollars; and as a result, defendants’ statements about Embraer’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
In July 2016, Embraer disclosed that its Chief Executive Officer, Frederico Curado, would be stepping down. Shortly thereafter on July 29, 2016, Embraer reported a loss of $99.4 million for the quarter, and that $200 million was set aside to deal with the bribery investigation. Embraer also lowered its 2016 guidance for its executive jet business.
On this news, Embraer's share price fell sharply, nearly 14% to close at $18.27 per share on July 29, 2016.
If you purchased Embraer shares, you may move the Court no later than October 7, 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 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
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