Law offices of howard g. smith announces that a class action has been filed on behalf of braskem, s.a. investors

Bensalem, pa.--(business wire)--law offices of howard g. smith announces that a class action has been filed on behalf of investors of braskem s.a. (“braskem” or the “company”) american depositary receipts (“adrs”), who purchased shares between june 1, 2010 and march 11, 2015, inclusive (the “class period”). the complaint against braskem has been filed in the united states district court for the southern district of new york, and docketed as case no: 15-cv-5183. braskem investors have until august 31, 2015 to file a motion to serve as lead plaintiff in the class action. braskem is the largest producer of thermoplastic resins in the americas. braskem buys naphtha, which accounts for half of its production costs and is the main ingredient for making its petrochemicals, from petrÓleo brasileiro s.a. – petrobras (“petrobras”). petrobras provides approximately 70% of braskem’s naphtha needs. according to the complaint, the truth began to emerge on march 11, 2015, when a report from a sÃo paulo newspaper, folha de s. paolo, implicated braskem in the corruption scandal surrounding petrobras. as reported by folha de s. paolo, testimony from a former petrobras executive alleged that braskem engaged in a bribery and corruption scandal that enabled the company to purchase raw materials at favorable prices. according to the testimony braskem allegedly paid annual bribes to petrobras, initially set at $5 million, to buy crude derivatives such as naphtha and propylene at low prices from at least 2006 to 2012. after reports of the pervasive bribery scandal surfaced, the company’s equity and debt securities prices fell sharply and investors have been damaged, with braskem adrs falling $1.72 per adr, to close on march 11, 2015 at $6.71 per adr, an one day decline of over 20% on unusually heavy volume. if you purchased braskem securities during the class period, have information regarding these allegations, and/or would like to learn more about your legal rights in connection with this notice please contact howard g. smith, esquire, of law offices of howard g. smith, 3070 bristol pike, suite 112, bensalem, pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com. this press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
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