A lawsuit was filed on behalf of investors in Braskem SA (ADR) (NYSE:BAK) shares over alleged securities laws violations and NYSE:BAK investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/22/2015 -- The Shareholders Foundation announces that an investor, who purchased shares of Braskem SA (ADR) (NYSE:BAK), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Braskem SA in connection with certain allegedly false and misleading statements.
Investors who purchased a significant amount of shares of Braskem SA (ADR) (NYSE:BAK have certain options and for certain investors are short and strict deadlines running. Deadline: August 31, 2015. NYSE:BAK 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 Braskem SA (ADR) (NYSE:BAK) common shares between June 1, 2010 and March 11, 2015, that the defendants violated Federal Securities Laws.
On March 11, 2015, shares of Braskem SA declined after a report from a local newspaper, Folha de S. Paolo, allegeding that implicated Braskem SA in the corruption scandal surrounding state-owned oil producer Petroleo Brasileiro SA. Shares of Braskem SA (ADR) (NYSE:BAK) declined on March 13, 2015, to $6.26 per share.
Then on March 17, 2015, an article was published discussing Braskem SA, "ex-Petrobras executive Paulo Roberto Costa and admitted money launderer Alberto Youssef said in testimony" that "Braskem paid annual bribes, initially set at $5 million, to buy crude derivatives such as naphtha and propylene at low prices from 2006 to 2012." On April 2, 2015, NYSE:BAK shares closed at $7.49 per share, which is significantly below its current 52 weeks high of $16.06 per share.
Those who purchased shares of Braskem SA (ADR) (NYSE:BAK) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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