NEW YORK, March 20, 2018 /PRNewswire/ -- Kaplan Fox
& Kilsheimer LLP (www.kaplanfox.com) is investigating claims on
behalf of investors of BRF S.A. ("BRF" or the "Company") (NYSE:
BRFS).
A class action complaint has been filed in the United States District Court for the
Southern District of New York on
behalf of purchasers of BRF's securities, including its American
Depositary Receipts ("ADRs"), between April
4, 2013 and March 2, 2018,
inclusive (the "Class") alleging violations of the Securities
Exchange Act of 1934.
According to the complaint, BRF represented in its public
filings throughout the Class Period that BRF focuses on quality and
food safety in all of its operations in order to meet customers'
specifications, prevent contamination and minimize the risk of
outbreaks of animal diseases. BRF also emphasized that the
Company conducts its business in strict compliance with both
national and international anti-bribery and anticorruption
legislation.
On March 17, 2017, the complaint
alleges that media outlets reported that Brazilian federal police
raided BRF offices, along with other meatpackers, following a
two-year investigation into alleged bribery of regulators to
subvert inspections of their plants. The probe, known as
"Operation Weak Flesh," had uncovered about 40 cases of meatpackers
who had bribed inspectors and politicians to overlook unsanitary
practices such as processing rotten meat and running plants with
traces of salmonella.
Following this news, BRF's ADR price fell $0.99, or 7.73%, to close at $11.81 per ADR on March
17, 2017.
On March 5, 2018, Reuters
reported that Brazilian federal police arrested BRF's former Chief
Executive Officer, Pedro de Andrade
Faria, on charges that he was aware that BRF committed fraud
by trying to avoid food safety checks. Reportedly, the
"police cited evidence that five laboratories accredited by the
Agriculture Ministry colluded with the analysis department of BRF
to 'falsify' test results related to the safety of its industrial
process."
Following this news, BRF's ADR price fell $1.83, or 19.43%, to close at $7.59 per ADR on March 5,
2018.
If you are a member of the proposed Class, you may move the
court no later than May 11, 2018 to
serve as a lead plaintiff for the purported class. You need
not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP