NEW ORLEANS -- (Business Wire)
Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney
General of Louisiana, Charles C. Foti, Jr., remind investors that they
have until September 21, 2015 to file lead plaintiff applications
in a securities class action lawsuit against Centrais Eletricas
Brasileiras S.A. - Eletrobas (NYSE: EBR) if they purchased the Company’s
American Depository Shares (“ADSs”) between the expanded period of
August 17, 2010 through April 29, 2015, inclusive (the “Class Period”).
This action is pending in the United States District Court for the
Southern District of New York.
What You May Do
If you purchased shares of Eletrobas and would like to discuss your
legal rights and how this case might affect you and your right to
recover for your economic loss, you may, without obligation or cost to
you, call toll-free at 1-877-515-1850 or email KSF Managing Partner
Lewis Kahn (lewis.kahn@ksfcounsel.com).
If you wish to serve as a lead plaintiff in this class action, you must
petition the Court by September 21, 2015.
About the Lawsuit
Eletrobas and certain of its executives are charged with failing to
disclose material information during the Class Period, violating federal
securities laws.
The action alleges that Eletrobas’s senior officials were in
non-compliance with its corporate governance directives and Code of
Ethics, resulting in investigations and disciplinary actions by various
authorities and Eletrobas’s financial statements being materially false
and misleading.
On April 30, 2015, Eletrobas announced that due to news reports about
bribery taking place at its subsidiary, it would not be filing its Form
20-F on time and needed the additional time to follow proper auditing
procedures. On this news, the price of Eletrobas’s ADSs plummeted.
Then, on September 1, 2015, the former CEO of Eletrobas’s nuclear power
subsidiary was formally charged with accepting bribes.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana
Attorney General, Charles C. Foti, Jr., and other lawyers with
significant experience litigating complex securities class actions
nationwide on behalf of both institutional and individual shareholders,
you may visit www.ksfcounsel.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150904005738/en/
Contacts:
Kahn Swick & Foti, LLC
Lewis Kahn, 1 877-515-1850
Managing
Partner
lewis.kahn@ksfcounsel.com
Source: Kahn Swick & Foti, LLC
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