NEW YORK, March 03, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of New York on behalf of all persons or entities that purchased Graña y Montero S.A.A. ("Graña" or the "Company") (NYSE: GRAM ) securities between April 30, 2014 and February 24, 2017, inclusive (the "Class Period").
Investors who have incurred losses in shares of Graña y Montero S.A.A . are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Graña y Montero S.A.A . within the class period and would like to assist with the litigation process, you may, no later than April 28, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed action charges Graña and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Graña, together with its subsidiaries, provides engineering and construction, infrastructure, real estate, and technical services in Latin America. The company engages in the civil construction, management, and implementation of housing development projects; mining contracting activities, such as mining, drilling, demolition, and other activity related to construction and electro mechanics; and architectural design and installation activities.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose that: (1) Graña was aware that its Brazilian partner Odebrecht S.A. paid bribes to former Peruvian President Alejandro Toledo to win construction work on a road traveling from Peru to Brazil; and (2) consequently, defendants' statements about Graña's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 24, 2017, a report disclosed that the Company knew of bribes paid by a partner infrastructure developer Odebrecht in Peru, citing testimony of former Odebrecht executive Jorge Barata. Notably, in January 2017, Peru rescinded a contract to build and operate a pipeline to a consortium formed by Odebrecht and Graña in part because of the alleged bribery scandal. On this news shares of the Company closed at $3.32 per share on February 24, 2017, down $1.77 per share, a decline of 35%. The stock declined an additional 27% on February 27, 2017, to close at $2.44 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
