BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming July 21, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired JBS S.A. (“JBS” or the “Company”) (OTC: JBSAY) American Depository Receipts (“ADRs”) between June 2, 2015 and May 19, 2017, inclusive (the “Class Period”). JBS investors have until July 21, 2017 to file a lead plaintiff motion.
On March 17, 2017, news outlets reported that Brazilian police raided the offices of JBS and other meatpackers following an investigation into alleged bribery of health officials. The probe uncovered evidence that meatpackers bribed inspectors and politicians to overlook unsanitary practices and exports with traces of salmonella. Police arrested two JBS employees, and twenty public officials. On this news, shares of JBS fell nearly 10% on March 17, 2017, thereby injuring investors.
Then, on May 12th, 17th, and 19th, media outlets reported that Brazilian police were investigating JBS’ dealings with the state-run bank, that JBS' Chairman was recorded admitting to bribing public officials, and that Brazil’s securities regulator had launched investigations into the Company.
According to the Complaint filed in this class action lawsuit, (1) 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; (2) Defendant J. Batista was providing monthly bribery payments to a former Brazilian government official and a lobbyist; (3) there were irregularities with the loans JBS received from Brazilian state-owned development bank BNDES; (4) the Company and other entities controlled by Defendants W. Batista and J. Batista made suspicious trades that exhibit signs of possible insider trading prior to the revelation of a plea deal by the Company's top executives; and (5) as a result, Defendants' statements about the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
If you purchased JBS ADRs, you may move the Court no later than July 21, 2017 to request appointment as lead plaintiff in the putative class action lawsuit. 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 action lawsuit. 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 this lawsuit, 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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