Sadia S.A. (NYSE: SDA) Investor Securities Class Action Lawsuit 11/5/2008

If you purchased American Depository Shares (ADS) of Sadia SA (NYSE: SDA), you might have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Sadia
Case Name: 
Sadia Shareholder Class Action Lawsuit 11/5/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: SDA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/05/2008
Class Period Begin: 
04/30/2008
Class Period End: 
09/25/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
12/22/2011
Settlement Amount: 
$27,000,000
Deadline to Participate in Settlement: 
02/10/2012
Settlement Notice: 
Settlement Proof: 
Summary: 

December 28, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

September 23, 2011 - The court preliminarily approved the settlement.

September 16, 2011 - Parties filed a stipulation of settlement.

July 29, 2009 - The court denied the defendants' motion to dismiss.

April 27, 2009 - The defendants filed a motion to dismiss.

March 16, 2009 - The lead plaintiffs filed an amended consolidated complaint.

January 26, 2009 - The lead plaintiffs and lead counsel were appointed and call cases were consolidated.

January 5, 2009 - Lead plaintiff motions were filed.

December 9, 2008 - An additional investor filed a complaint.

December 1, 2008 - An additional investor filed a complaint.

November 26, 2008 - An additional investor filed a complaint.

November 17, 2008 - Another investor filed a complaint.

November 5, 2008 - An investor in American Depository Shares (ADS) of Sadia SA (NYSE: SDA) filed a lawsuit in the U.S. District Court for the Southern District of New York against Sadia SA over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 30, 2008 and September 26, 2008.

According to the complaint the plaintiff alleges that Sadia SA entered into undisclosed currency derivative contracts to purportedly hedge against the Sadia SA’s U.S. dollar exposure and characterized the amounts of these contracts as “nominal.”, so the lawsuit. But the plaintiff alleges that these contracts violated Sadia SA’s policy in that they were far larger than necessary to hedge normal business operations and resulted in a loss of $365 million and as a result of defendants’ admission of violating Sadia SA’s policy regarding currency hedging the ADSs of Sadia SA closed at $9.50 per share, down from the previous day’s close of $15.27, a decline of 38%.