SHAREHOLDER ALERT: Spector, Roseman & Kodroff, P.C. Announces Class Action Lawsuit Filed Against BRF S.A.
03 Abril 2018 - 11:36AM
Business Wire
The law firm of Spector, Roseman & Kodroff, P.C. announces
that a securities class action lawsuit has been filed on behalf of
investors who purchased BRF S.A. (“BRF” or the “Company”) (NYSE:
BRFS) securities between April 4, 2013 and March 2, 2018,
inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company’s compliance with anti-corruption laws. As
detailed in the complaint, on March 17, 2017, media outlets
revealed that Brazilian police had raided BRF facilities and
arrested Company employees in a bribery crackdown known as
“Operation Weak Flesh.” The probe had reportedly found evidence
that BRF had been “bribing inspectors and politicians to overlook
unsanitary practices such as processing rotten meat and shipping
exports with traces of salmonella.” On this news, the price of BRF
American Depositary Receipts (“ADRs”) representing common stock
declined $0.99 per ADR, or nearly 8%, to close at $11.81 per ADR on
March 17, 2017.
Nearly one year later, on February 23, 2018, BRF announced that
Operation Weak Flesh had resulted in “very serious problems” for
the Company, stating that disruptions in productivity caused by the
probe had made it more difficult for BRF to distribute its products
in 2017 and contributed to the Company’s weak financial
performance. On this news, the price of Company ADRs declined $0.76
per ADR, or approximately 8%, to close at $8.73 per ADR on February
23, 2018.
Then, on March 5, 2018, Reuters reported that Brazilian police
had arrested Pedro Faria, BRF’s former Chief Executive Officer, on
charges that Faria knew that the Company had used illicit means to
pass food inspections. On this news, the price of Company ADRs
declined $18.32 per ADR, or more than 19%, to close at $7.59 per
ADR on March 5, 2018.
If you purchased BRF securities during the Class Period, you
may, no later than May 11,
2018, move to be appointed as a Lead Plaintiff in this
action. A Lead Plaintiff is a representative chosen by the Court
that acts on behalf of other class members in directing the
litigation.
If you have sustained substantial losses in BRF securities
during the Class Period and wish to move to be appointed as Lead
Plaintiff, please contact Spector, Roseman & Kodroff, P.C.
toll-free at 888-844-5862 or via e-mail at
classaction@srkattorneys.com. For more detailed information about
the firm please visit http://srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia,
Pennsylvania, concentrates its practice in complex litigation
including actions dealing with securities laws, antitrust,
contract, and commercial claims. The firm’s reputation for
excellence has been recognized by courts which have appointed the
firm as lead counsel in numerous major class actions. The firm has
recovered hundreds of millions of dollars through judgments and
settlements on behalf of thousands of defrauded shareholders and
companies.
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version on businesswire.com: https://www.businesswire.com/news/home/20180403005997/en/
Spector, Roseman & Kodroff, P.C.Robert M. Roseman,
888-844-5862
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