Period: Jun 2, 2015 to Mar 17, 2017
Lead Plaintiff Deadline: May 22, 2017
Summary of Case:
A securities class action has been filed against JBS S.A. (OTCQX: JBSAY) on behalf of purchasers of the American Depositary Receipts of JBS from June 2, 2015 through March 17, 2017. This case has been filed in the USDC - E.D. Pa.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella; and (2) as a result, defendants' statements about JBS's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 17, 2017, news outlets reported that Brazilian federal police raided the offices of JBS and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants and overlook unsanitary practices. Police arrested two JBS employees, as well as 20 public officials. JBS stated in a securities filing that three of its plants and one of its employees were targeted in the probe. On this news, shares of JBS fell $0.71 per share or over 9.2% to close at $6.96 per share on March 17, 2017, damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.