Braskem SA (ADR) (NYSE: BAK) Investor Securities Class Action Lawsuit 07/01/2015

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Company Name(s): 
Braskem
Case Name: 
Braskem Shareholder Class Action Lawsuit 07/01/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: BAK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/01/2015
Class Period Begin: 
07/15/2010
Class Period End: 
03/11/2015
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/31/2015
Date Settled: 
09/15/2017
Settlement Amount: 
$10,000,000
Deadline to Participate in Settlement: 
01/16/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

September 15, 2017 - The court preliminarily approved the settlement.

September 14, 2017 - Parties filed a stipulation of settlement.

March 30, 2017 - The court granted in part and denied in part defendants' motions to dismiss.

November 14, 2016 - More defendants filed a motion to dismiss.

July 6, 2016 - Defendants filed a motion to dismiss.

May 20, 2016 - The lead plaintiff filed a second amended complaint.

December 21, 2016 - Defendants filed a motion to dismiss.

November 6, 2015 - The lead plaintiff filed an amended complaint.

September 8, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 1, 2015 - An investor in American Depositary Shares of Braskem SA (ADR) (NYSE: BAK) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Braskem SA in connection with certain allegedly false and misleading statements made between June 1, 2010 and March 11, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Braskem SA (ADR) (NYSE: BAK) common shares between June 1, 2010 and March 11, 2015, that the defendants violated Federal Securities Laws.

Braskem SA reported that annual Total Revenue rose from over $33.08 billion in 2011 to over $46.03 billion in 2014 and that its Net Loss of over $1.21 billion in 2011 turned into a Net Income of $864.06 million in 2014.

On March 11, 2015, shares of Braskem SA declined after a report from a local newspaper, Folha de S. Paolo, allegeding that implicated Braskem SA in the corruption scandal surrounding state-owned oil producer Petroleo Brasileiro SA.

Shares of Braskem SA (ADR) (NYSE: BAK) declined on March 13, 2015, to $6.26 per share.

Then on March 17, 2015, an article was published discussing Braskem SA, “ex-Petrobras executive Paulo Roberto Costa and admitted money launderer Alberto Youssef said in testimony” that “Braskem paid annual bribes, initially set at $5 million, to buy crude derivatives such as naphtha and propylene at low prices from 2006 to 2012.”

On April 2, 2015, NYSE: BAK shares closed at $7.49 per share, which is significantly below its current 52 weeks high of $16.06 per share.