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 August 31, 2015 to file lead plaintiff applications in
a securities class action lawsuit against Braskem S.A. (NYSE: BAK) if
they purchased the Company’s American Depositary Receipts (“ADRs”)
between June 1, 2010 and March 11, 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 ADRs of Braskem 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 August 31, 2015.
About the Lawsuit
Braskem and certain of its executives are charged with failing to
disclose material information during the Class Period, violating federal
securities laws.
On March 11, 2015, a report from a São Paulo newspaper, Folha de S.
Paolo, implicated Braskem in the corruption scandal surrounding
Petróleo Brasileiro S.A. – Petrobras (“Petrobras”). The article states
that Braskem paid at least $5 million annually to Petrobras between 2006
and 2012 to acquire crude derivative contracts like propylene and
naphtha at cheaper prices, according to a testimony made by former
Petrobras executive Paulo Roberto Costa and self-confessed money
launderer Alberto Youssef.
On this news, the price of Braskem’s ADRs plummeted by over 20%.
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/20150701006734/en/
Contacts:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner,
877-515-1850
lewis.kahn@ksfcounsel.com
Source: Kahn Swick & Foti, LLC
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