STEVENSON, Md., July 28, 2016 (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 Banco Bradesco S.A. (NYSE: BBD ) (NYSE: BBDO ) (“Banco Bradesco” or the “Company”) American Depositary Shares (“ADSs”) during the period between April 30, 2012 and May 31, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 2, 2016 to seek appointment as 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 Banco Bradesco ADSs during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
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 Banco Bradesco was engaged in a bribery scheme in collusion with Brazil’s Administrative Council of Tax Appeals (“CARF”); that the Company’s executives were plotting to avoid a tax fine that was imposed by Brazil’s Internal Revenue Service; that Banco Bradesco’s Chief Financial Officer (“CFO”), Luiz Carlos Trabuco Cappi, and other executives, directors and employees of the Company had engaged in bribery, money laundering, and corruption; and, that the Company’s internal control over financial reporting and its disclosure controls and procedures were not effective.
According to the complaint, following a March 26, 2015 article stating that the Brazilian authorities uncovered a tax fraud scheme, a March 27, 2015 article stating that Brazil’s Federal Police agency brought legal proceedings against more than 50 companies for bribing officials at CARF to reduce or annul fines or unpaid taxes, a March 28, 2015 article that disclosed that Banco Bradesco was one of the companies suspected of paying bribes to clear $2.7 billion reals of owed taxes, and May 31, 2016 articles stating that Brazil’s federal police indicted Banco Bradesco executives, including the CEO, on corruption-related charges and accused them of plotting to avoid a $3 billion-real tax fine, the value of Banco Bradesco ADSs declined significantly.
If you have suffered a loss from investment in Banco Bradesco ADSs purchased on or after April 30, 2012 and held through the revelation of negative information during and/or at the end of the Class Period 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. 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.
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: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
