Banco Bradesco SA (ADR) (NYSE: BBD) Investor Securities Class Action Lawsuit 06/03/2016

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Company Name(s): 
Banco Bradesco
Case Name: 
Banco Bradesco Shareholder Class Action Lawsuit 06/03/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: BBD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/03/2016
Class Period Begin: 
04/30/2012
Class Period End: 
07/27/2016
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/02/2016
Date Settled: 
07/24/2019
Settlement Amount: 
$14,500,000
Deadline to Participate in Settlement: 
12/21/2019
Summary: 

July 24, 2019 - The court preliminarily approved the settlement.

July 1, 2019 - Parties filed a stipulation of settlement.

September 29, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

December 23, 2016 - Defendants filed a motion to dismiss.

October 21, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Banco Bradesco SA (ADR) (NYSE: BBD) common shares between April 30, 2012 and July 27, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 30, 2012 and July 27, 2016.

June 3, 2016 - An investor in shares of Banco Bradesco SA (ADR) (NYSE: BBD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Banco Bradesco SA in connection with certain allegedly false and misleading statements made between April 30, 2012 and May 31, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Banco Bradesco SA (ADR) (NYSE: BBD) common shares between April 30, 2012 and May 31, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 30, 2012 and May 31, 2016 defendants issued false and misleading statements to investors and/or failed to disclose that Banco Bradesco SA was engaged in a bribery scheme in collusion with the Brazilian Finance Ministry’s CARF, that certain Banco Bradesco SA executives were plotting to avoid an $828 million tax fine that was imposed by Brazil’s Internal Revenue Service, that Banco Bradesco SA’s CEO, Defendant Cappi, and other executives, directors and employees of the Company had engaged in bribery, money laundering, and corruption;, that Banco Bradesco SA’s internal control over financial reporting and its disclosure controls and procedures were not effective, and that as a result, Banco Bradesco SA’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On May 31, 2016, various news outlets reported that Brazil’s federal police indicted certain Banco Bradesco SA executives, including Chief Executive Officer Luiz Carlos Trabuco Cappi, on corruption-related charges. Brazil’s federal police accused certain Banco Bradesco SA executives of plotting to avoid an $828 million tax fine that was imposed by Brazil’s Tax Revenue Service.

Shares of Banco Bradesco SA (ADR) (NYSE: BBD) declined on May 31, 2016 to $6.10 per share.

On June 3, 2016, NYSE:BBD shares closed at $6.77 per share.