A lawsuit was filed on behalf of investors in Gerdau SA (ADR) (NYSE:GGB) shares over alleged securities laws violations and NYSE:GGB investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/02/2016 -- An investor, who purchased shares of Gerdau SA (ADR) (NYSE:GGB), filed a lawsuit in New York over alleged Securities Laws violations by Gerdau SA in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Gerdau SA (ADR) (NYSE:GGB) have certain options and for certain investors are short and strict deadlines running. Deadline: July 25, 2016. NYSE:GGB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of purchasers of Gerdau SA (ADR) (NYSE:GGB) common shares between June 2, 2011 and May 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 2, 2011 and May 15, 2016 the defendants issued false and misleading statements to investors and/or failed to disclose that the Company was engaged in a bribery scheme in collusion with Brazil's Board of Tax Appeals ("CARF"), that Gerdau had defrauded Brazilian tax authorities of roughly $429 million in taxes, that Gerdau's Chief Executive Officer ("CEO"), Defendant André Bier Gerdau Johannpeter and other directors and employees of the Company had engaged in bribery, money laundering, and influence peddling, and that as a result, Gerdau's public statements were materially false and misleading at all relevant times.
On May 16, 2016, various news outlets reported that Brazil's federal police accused Gerdau SA of evading $429 million in taxes and indicted certain Gerdau SA executives, including Chief Executive Officer André Gerdau Johannpeter, on corruption-related charges. The charges included bribery, money laundering, and influence peddling.
On June 1, 2016, NYSE:GGB shares closed at $1.56 per share.
Those who purchased shares of Gerdau SA (ADR) 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