NEW YORK, May 19, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against JBS S.A. (“JBS” or the “Company”) (OTCMKT:JBSAY) and certain of its officers, on behalf of shareholders who purchased JBS American Depositary Receipts between June 2, 2015 and March 17, 2017, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/jbs.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (1) JBS 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 (2) consequently, defendants’ statements about JBS’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 17, 2017, several news sources reported that Brazilian federal police raided JBS offices and other meatpackers after a two-year investigation of regulators alleged bribery regarding the inspections of their facilities. The investigation, known as “Operation Weak Flesh,” exposed roughly 40 cases of meatpackers who bribed inspectors and politicians to overlook unsanitary procedures such as processing rotten meat and running plants with traces of salmonella. Brazilian police arrested two JBS employees, and 20 public officials. JBS said in a securities filing that three of its facilities and one of its employees were targeted in the probe. Following this news, JBS stock dropped $0.71 per share or over 9.2% to close at $6.96 per share on March 17, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/jbs or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in JBS you have until May 22, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.