JBS SA ADR (OTCMKTS: JBSAY) Investor Securities Class Action Lawsuit 03/22/2017

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Company Name(s): 
JBS
Case Name: 
JBS Shareholder Class Action Lawsuit 03/22/2017
Case Status: 
Case Dismissed
Affected Securities
OTCMKTS: JBSAY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/22/2017
Class Period Begin: 
06/02/2015
Class Period End: 
03/17/2017
Court of Filing: 
U.S. District Court for the Eastern District of Pennsylvania
Deadline To File for Lead: 
05/22/2017
Case Dismissed: 
05/01/2017
Summary: 

May 1, 2017 - The plaintiff filed a notice of voluntary dismissal without prejudice.

March 22, 2017 - An investor in shares of JBS SA ADR (OTCMKTS: JBSAY) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by JBS SA in connection with certain allegedly false and misleading statements made between June 2, 2015 and March 17, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of JBS SA ADR (OTCMKTS: JBSAY) common shares between June 2, 2015 and March 17, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 2, 2015 and March 17, 2017 the defendants made false and/or misleading statements and/or failed to disclose that JBS SA executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella, and that as a result, defendants’ statements about JBS SA’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.

On March 17, 2017, news outlets reported that Brazilian federal police raided the offices of JBS SA and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants and overlook unsanitary practices. Police arrested two JBS SA employees, as well as 20 public officials. JBS SA stated in a securities filing that three of its plants and one of its employees were targeted in the probe.

On March 22, 2017 JBS SA ADR (OTCMKTS: JBSAY) shares closed at $7.07 per share.