NEW YORK, July 31, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of purchasers of Braskem S.A. (NYSE:BAK) securities from June 1, 2010 through March 11, 2015, all dates inclusive. The lawsuit seeks to recover damages for Braskem investors under the federal securities laws.
To join the Braskem class action, go to the firm's website at http://www.rosenlegal.com/cases-659.html or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On March 11, 2015, a report from a São Paulo newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding Petrobras. Braskem paid at least $5 million annually to Petrobras between 2006 and 2012, according to a testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef, as reported by Folha de S. Paolo. The payments were made to acquire crude derivative contracts like propylene and naphtha at cheaper prices. On this news, shares of Braskem fell over 20% on March 11, 2015, damaging shareholders.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 31, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm's website at http://www.rosenlegal.com/cases-659.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com or jhorne@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.