Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, announces the commencement of an investigation into Braskem S.A. (NYSE:BAK) (“Braskem”) related to potential violations of federal securities laws. If you are a Braskem shareholder, you are encouraged to contact Scott+Scott for additional information.
Braskem (NYSE:BAK) is a Brazilian petrochemical company and is the largest petrochemicals producer in Latin America. Braskem is also the largest producer of thermoplastic resins in the Americas.
On March 11, 2015, Braskem’s shares plummeted after a report from a local newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding state-owned oil producer Petroleo Brasileiro SA (“Petrobras”). On this news, shares of Braskem fell over 20%, or $1.80 per share, on March 11, 2015.
On March 17, 2015, according to a Bloombergarticle discussing Braskem, “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.”
What You Can Do
If you are a Braskem shareholder and you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joseph Halloran at (800) 404-7770 or (646) 582-0121 or at or jhalloran@scott-scott.com.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.
Contacts:
Joseph V. Halloran,
646-582-0121
jhalloran@scott-scott.com
