NEW YORK, March 22, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in JBS S.A. (“JBS” or the “Company”) (OTC:JBSAY) of the May 22, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased JBS American Depositary Receipts (“ADRs”) between June 2, 2015 and March 17, 2017 (the “Class Period”). The case, LEONFORTE HOLDINGS LTD. v. JBS S.A. et al , No. 2:17-cv-01288 was filed on March 22, 2017, and has been assigned to Judge Legrome D. Davis.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices; (2) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable bases.
Specifically, on March 17, 2017, Reuters published a report revealing that Brazilian federal police raided JBS, among others, following a two-year investigation into alleged bribery of regulators regarding the inspections of their facilities. The investigation, known as “Operation Weak Flesh,” exposed approximately 40 cases of meatpackers who bribed inspectors and politicians to overlook unsanitary procedures. It was reported that Brazilian police arrested two JBS employees, and 20 public officials.
On this news, JBS’ ADRs fell from a closing price of $7.67 on March 16, 2017 to a closing price of $6.96 on March 17, 2017—a $0.71 or a 9.26% drop.
Request more information now by clicking here: www.faruqilaw.com/JBSAY . There is no cost or obligation to you.
Take Action
If you invested in JBS ADRs between June 2, 2015 and March 17, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/JBSAY . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding JBS’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
