A lawsuit was filed on behalf of investors in Embraer SA (ADR) (NYSE:ERJ) shares over alleged securities laws violations and NYSE:ERJ investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/17/2016 -- The Shareholders Foundation announced that an investor, who purchased shares of Embraer SA (ADR) (NYSE:ERJ), filed a lawsuit in New York over alleged violations of Federal Securities Laws by Embraer SA in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Embraer SA (ADR) (NYSE:ERJ) have certain options and for certain investors are short and strict deadlines running. Deadline: October 7, 2016.:ERJ investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
Tthe plaintiff alleges on behalf of purchasers of Embraer SA (ADR) (NYSE:ERJ) common shares between April 16, 2012 and July 28, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 16, 2012 and July 28, 2016 the Defendants made false and/or misleading statements and/or failed to disclose thatthe Company had paid bribes to officials in the Dominican Republic to secure contracts for the sale of aircraft, that Embraer's President and Chief Executive Officer ("CEO"), Defendant Frederico Pinheiro Fleury Curado ("Curado") was aware of the bribery scheme, that the foreseeable consequences of the foregoing conduct would cost Embraer hundreds of millions of dollars, and that as a result of the foregoing, Defendants' statements about Embraer's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On November 1, 2013, it was reported that Embraer SA was under investigation by the U.S. and Brazilian governments concerning bribery of Dominican Republic officials to secure a contract for the sale of military aircraft.
On September 23, 2014, it was reported that Brazilian authorities had filed bribery charges against eight Embraer SA employees, claiming that they had bribed officials in the Dominican Republic to secure a $92 million contract.
On March 16, 2016, various media outlets reported that Elio Moti Sonnenfeld ("Sonnenfeld"), a sales consultant who purportedly paid bribes on behalf of Embraer SA, had told Brazilian prosecutors that he believed the Company's top managers, including Curado, then CEO of Embraer SA, knew of the illicit payments made in connection with the Dominican Republic sales.
On June 9, 2016, Embraer SA announced that Curado was stepping down from his position as CEO after 32 years with Embraer SA, and that Paulo César de Souza e Silva would replace Curado as of July 2016.
On July 29, 2016, Embraer filed a form with the SEC, stating, in relevant part, that negotiations with the U.S. Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") for the settlement of the allegations of non-compliance with the U.S. Foreign Corrupt Practices Act ("FCPA") have significantly progressed, to the point that Embraer SA is recognizing a US$ 200 million loss contingency in the quarter ended June 30, 2016.
Those who purchased shares of Embraer SA (ADR) have certain options and should contact the Shareholders Foundation.
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