Portnoy Law: Lawsuit Filed On Behalf of Braskem S.A. Investors
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LOS ANGELES, Sept. 04, 2020 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Braskem S.A. (“Braskem” or “the Company”) (NYSE: BAK) investors that acquired securities between May 6, 2016 and July 8, 2020.
The investigation focuses on whether the company issued misleading and/or false statements and/or failed to disclose information pertinent to investors. On July 9, 2020, Braskem disclosed that the company was advised by Brazilian authorities that the residents of 1,918 homes were forced to be evacuated after the company’s mining operations caused a geological event. Braskem estimates the cost of relocating the residents would be 850 million reais, with another 750 million reais for additional measures relating to the permanent closure of its salt mining activities. On the same day, Braskem’s ADRs fell by more than 6% on this news.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
Originally Published on : http://www.globenewswire.com/news-release/2020/09/05/2089343/0/en/Portnoy-Law-Lawsuit-Filed-On-Behalf-of-Braskem-S-A-Investors.html
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