SAN DIEGO & ITAJAI, Brazil--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of BRF S.A. (NYSE: BRFS) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 4, 2013 and March 2, 2018. BRF is a food producer and the world's largest poultry exporter.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/brf-s-a
BRF Accused of Concealing Unsanitary Practices at its Meatpacking Plants
According to the complaint, BRF represented in its public filings that the company focuses on quality and food safety in order to prevent contamination and minimize the risk of outbreaks and animal diseases, noting its commitment to the manufacture of safe, healthy, and tasty products. BRF also emphasized that the company conducts its business in strict compliance with both national and international anti-bribery and anticorruption legislation. Despite these representations, BRF employees paid bribes to regulators and politicians to avoid inspections in order to conceal unsanitary practices at its plants. On March 17, 2017, media outlets reported that Brazilian federal police raided BRF offices, along with other meatpackers, and found that the companies were tampering with packages to sell expired products and were running plants with traces of salmonella. On March 5, 2018, Reuters reported that Brazilian federal police arrested BRF's former Chief Executive Officer, Pedro de Andrade Faria, on charges that he was aware that BRF committed fraud by trying to avoid food safety checks. Since news of BRF's troubles hit the market, BRF's ADR price fell over 40% to close at $7.59 on March 5, 2018.
BRF Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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