An investor in NYSE:GGB shares filed a lawsuit over alleged violations of Federal Securities Laws by Gerdau SA.
Investors who purchased shares of Gerdau SA (ADR) (NYSE:GGB) have certain options and for certain investors are short and strict deadlines running. Deadline: July 25, 2016. NYSE:GGB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between June 2, 2011 and May 15, 2016 the defendants issued false and misleading statements to investors and/or failed to disclose that the Company was engaged in a bribery scheme in collusion with Brazil’s Board of Tax Appeals (“CARF”), that Gerdau had defrauded Brazilian tax authorities of roughly $429 million in taxes, that Gerdau’s Chief Executive Officer (“CEO”), Defendant André Bier Gerdau Johannpeter and other directors and employees of the Company had engaged in bribery, money laundering, and influence peddling, and that as a result, Gerdau’s public statements were materially false and misleading at all relevant times.
On May 16, 2016, various news outlets reported that Brazil’s federal police accused Gerdau SA of evading $429 million in taxes and indicted certain Gerdau SA executives, including Chief Executive Officer André Gerdau Johannpeter, on corruption-related charges. The charges included bribery, money laundering, and influence peddling.
Shares of Gerdau SA (ADR) (NYSE:GGB) declined to as low as $1.59 per share on May 17, 2016.
On June 3, 2016, NYSE:GGB shares closed at $1.69 per share.
Those who purchased NYSE:GGB shares 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