The Shareholders Foundation announces that an investigation on behalf of investors of Braskem SA (ADR) (NYSE:BAK) shares was launched over potential securities laws violations by Braskem SA and certain of its directors and officers.
Investors who purchased shares of Braskem SA (ADR) (NYSE:BAK) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Braskem SA (ADR) (NYSE:BAK) concerning whether a series of statements by Braskem SA regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Braskem SA reported that annual Total Revenue rose from over $33.08 billion in 2011 to over $46.03 billion in 2014 and that its Net Loss of over $1.21 billion in 2011 turned into a Net Income of $864.06 million in 2014.
On March 11, 2015, shares of Braskem SA declined after a report from a local newspaper, Folha de S. Paolo, allegeding that implicated Braskem SA in the corruption scandal surrounding state-owned oil producer Petroleo Brasileiro SA/
Shares of Braskem SA (ADR) (NYSE:BAK) declined on March 13, 2015, to $6.26 per share.
Then on March 17, 2015, an article was published discussing Braskem SA, “ex-Petrobras executive Paulo Roberto Costa and admitted money launderer Alberto Youssef said in testimony” that “Braskem paid annual bribes, initially set at $5 million, to buy crude derivatives such as naphtha and propylene at low prices from 2006 to 2012.”
On April 14, 2015, NYSE:BAK shares closed at $7.78 per share, which is significantly below its current 52 weeks high of $15.59 per share.
Those who purchased shares of Braskem SA (ADR) (NYSE:BAK) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com