SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

July 06, 2015 15:15 ET

BRASKEM SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Braskem S.A. to Contact the Firm

NEW YORK, NY--(Marketwired - July 06, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Braskem S.A. ("Braskem" or the "Company") (NYSE: BAK) of the August 31, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased Braskem securities between June 1, 2010 and March 11, 2015 (the "Class Period").

The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that Braskem engaged in a bribery scheme that enabled the Company to purchase raw materials at favorable prices. Specifically, on March 11, 2015, a report published in a São Paulo newspaper, Folha de S. Paolo, accused Braskem of paying at least $5 million annually to Petrobras, Brazil's semi-public multinational energy corporation, between 2006 and 2012 to acquire crude derivative contracts at cheaper prices. The article quoted testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef.

With this news, Braskem ADRs fell $1.72 per ADR, to close on March 11, 2015 at $6.71 per ADR, a 20% decline during heavy volume intraday trading.

Request more information now by clicking here: www.faruqilaw.com/BAK. There is no cost or obligation to you.

Take Action

If you invested in Braskem stock or options between June 1, 2010 and March 11, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/BAK. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Braskem's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    Email contact
    Telephone: (877) 247-4292 or (212) 983-9330