SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) announces that a securities class action case was filed on behalf of purchasers of Cemex, S.A.B. de C.V. (NYSE:CX) American Depositary Receipts (“ADRs”) between August 14, 2014 and March 13, 2018 (the “Class Period”). This action was filed in the Southern District of New York and is captioned Schiro v. Cemex, S.A.B. de C.V., Case No. 1:18-cv-02352.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Cemex ADRs during the Class Period to seek appointment as lead plaintiff. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. If you wish to serve as lead plaintiff or have questions concerning your rights, please contact David C. Walton of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. Robbins Geller has not filed a complaint in this action. Lead plaintiff motions must be filed with the court no later than 60 days from March 16, 2018.
The complaint charges Cemex and two senior executive officers with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and operations throughout the Class Period, including that Cemex lacked adequate internal controls over financial reporting, which allowed its executives to engage in an unlawful bribery scheme in connection with the Company’s business dealings in Colombia, the discovery of which would likely subject the Company to heightened regulatory scrutiny and potential criminal sanctions. As a result of defendants’ allegedly false statements and/or omissions, Cemex ADRs traded at artificially inflated prices during the Class Period.
On September 23, 2016, Cemex disclosed the dismissal of two of its senior executives after an internal probe found that payments worth $20 million relating to a land deal in Colombia had breached company protocols. On this news, the price of Cemex ADRs declined to close at $7.26 per share on September 26, 2016. On December 9, 2016, Cemex disclosed receipt of a subpoena from the SEC seeking information about irregular payments made at the Company’s Colombia unit. Then, on March 14, 2018, Cemex disclosed that the U.S. Department of Justice was investigating the Company over payments it made to a cement plant it was building in Colombia to determine whether any violations of federal bribery laws had occurred. On this news, the price of Cemex ADRs again declined to close at $7.21 per share on March 14, 2018.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both the amount recovered for shareholders and the total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.