STEVENSON, Md., April 14, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Chemical & Mining Co. of Chile Inc. (“SQM” or the “Company”) (NYSE: SQM ) securities during the period between March 4, 2014 and March 17, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 18, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in SQM securities purchased on or after March 4, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that money from SQM was channeled illicitly to electoral campaigns for the Independent Democratic Union (“UDI”), Chile’s largest conservative party. According to the complaint: (1) following the announcement by Chile’s Attorney General on February 24, 2015 that he would lead the investigation into the escalating bribery and tax evasion scandal involving the financial firm Banco Penta (“Penta” or the “Penta Group”), a corruption scandal which has embroiled numerous politicians across the Chile’s political spectrum; (2) following the Company’s February 26, 2015 disclosure publicly linking the Company to the ongoing UDI contribution scandal ultimately culminating in the termination of the Chief Executive Officer and resignation of three SQM Board members; (3) following the Company’s March 11, 2015 disclosure that its Board of Directors would meet the next day to evaluate the request by the Public Prosecutor for delivery of certain information pertaining to the alleged bribery scandal; (4) following the Company’s March 16, 2015 announcement that it had turned over all of the information requested by the Public Prosecutor in a March 6, 2015 Letter to the Chilean Internal Revenue Service; and (5) following the Company’s March 18, 2015 press release indicating that the three representatives on its Board from Canadian stakeholder Potash Corporation, SQM Vice Chairman Wayne Brownlee, who also serves as the Chief Financial Officer of Potash Corporation, and directors Jose Maria Eyzaguirre and Alejandro Montero, had resigned the prior day, the value of SQM shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
