Investor Alert: Kaplan Fox Investigates Braskem For Potential Securities Fraud
NEW YORK, Sept. 10, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Braskem S.A. ("Braskem" or the "Company") (NYSE: BAK). A complaint has been filed on behalf of investors who purchased or otherwise acquired Braskem securities, including Braskem American Depositary Shares ("ADSs") between May 6, 2016 and July 8, 2020 inclusive (the "Class Period").
On April 2, 2019, Braskem disclosed that the Company had been sued by local authorities in connection with a geological event it had purportedly caused in the state of Alagoas, Brazil. Following this news, the price of Braskem's ADSs fell $1.60 per share over two trading days, or 5.98%, to close at $25.14 per share on April 3, 2019.
Then, on July 9, 2020, during pre-market hours, Braskem disclosed that authorities in northeastern Brazil had advised the Company that the geological damage from its salt mining operations was more widespread than initial estimates. Following this news, the price of Braskem's ADSs fell $0.59 per share, or 6.20%, to close at $8.93 per share on July 9, 2020.
If you are a member of the proposed Class, you may move the court no later than October 26, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 646-315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
News published on and distributed by:
