SAN FRANCISCO, Sept. 26, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Embraer S.A. (NYSE: ERJ ) that the Lead Plaintiff deadline in the securities class action filed in the United States District Court for the Southern District of New York is October 7, 2016.
If you purchased or otherwise acquired securities of Embraer S.A. between April 16, 2012 and July 28, 2016 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit
https://www.hbsslaw.com/cases/ERJ
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing ERJ@hbsslaw.com .
The complaint alleges that the U.S. Securities and Exchange Commission (“SEC”) has been investigating Embraer for possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) since early 2010.
The SEC reportedly provided its investigation findings to Brazil’s law enforcement authorities, who in turn filed criminal bribery charges against eight of Embraer’s former executives and directors and an Embraer sales consultant in September 2014. In March 2016, Embraer’s implicated sales consultant disclosed that the Company’s CEO (Federico Pinheiro Fleury Curado) and other top management knew of the illicit bribery scheme.
In June 2016, Embraer announced it would replace CEO Curado. On this news, the price of Embraer’s American Depository Receipts (ADRs) fell 5.44% to $20.51.
One month later, Embraer abruptly reported a quarterly loss of $99.4 million, due in part to a $200 million loss contingency “reflecting the likely outcome” of U.S. bribery probe negotiations. This news sent the price of Embraer ADRs down nearly 14% to close at $18.27.
On September 10, 2016, Bloomberg reported that India’s Ministry of Defense is seeking information from Embraer after reports that the U.S. investigated India’s 2008 purchase of Embraer surveillance jets.
“Among other facts, we’re investigating when the $200 million contingency became probable and should have been reported,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Embraer S.A. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ERJ@hbsslaw.com .
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
