San Diego, CA -- (SBWire) -- 08/04/2015 --The Shareholders Foundation announced that an investor, who purchased shares of Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Centrais Eletricas Brasileiras SA in connection with certain allegedly false and misleading statements made between February 10, 2014 and April 29, 2015.
Investors who purchased shares of Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) have certain options and for certain investors are short and strict deadlines running. Deadline: September 21, 2015. NYSE:EBR.B investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) common shares between February 10, 2014 and April 29, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 10, 2014 and April 29, 2015defendants issued allegedly materially false and misleading statements to investors and/or failed to disclose that Centrais Eletricas Brasileiras' senior officials were in non-compliance with the Company's corporate governance directives and Code of Ethics, that as a result, t Centrais Eletricas Brasileiras SA was subject to investigation and disciplinary action by various governmental and regulatory authorities, that Centrais Eletricas Brasileiras' financial statements were allegedly materially false and misleading as they contained direct references to the Company's Code of Ethics, and statements regarding its compliance with regulations and internal governance policies, that Centrais Eletricas Brasileiras SA lacked adequate internal and financial controls, that the SOX certifications signed by Eletrobras' senior management were materially false and misleading as senior management was aware of "any fraud, whether or not material", and that as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On April 29, 2015, Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) announced that its Form 20-F will not be filed with the SEC by April 30, 2015 due to news reports about the alleged plea bargain entered into by the former president of Camargo Corrêa, in the context of Operation "Lava Jato", who stated that at the time that Eletrobras Termonuclear S.A – Eletronuclear ("Eletronuclear") hired a consortium for the construction of the mechanical assembly of the Angra 3 nuclear power plant, there were discussions negotiating the payment of alleged bribes to the CEO of Eletronuclear, Othon Luiz Pinheiro da Silva. Shares of Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) traded during 2011 as high as $19.87 per share.
On July 31, 2015, NYSE:EBR.B shares closed at $2.47 per share.
Those who purchased shares of Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) Shareholder Notice Lawsuit Alleges Misleading Statements
A lawsuit was filed on behalf of investors in Centrais Eletricas Brasileiras SA (ADR) (NYSE:EBR.B) shares over alleged securities laws violations and NYSE:EBR.B investors should contact the Shareholders Foundation.