NEW YORK, March 29, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania against JBS S.A. (“JBS” or the “Company”) (OTCMKTS:JBSAY) on behalf of shareholders who purchased the American Depositary Receipts (ADR’s) of JBS between June 2, 2015, and March 17, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in JBS S.A. ADR’s 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 ADR’s of JBS S.A. and would like to assist with the litigation process, you may, no later than May 22, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
According to the filed complaint, defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that:
- JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella;
- As a result, defendants’ statements about JBS’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 17, 2017, news outlets reported that Brazilian federal police raided the offices of JBS and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants and overlook unsanitary practices. Police arrested two JBS employees, as well as 20 public officials. JBS stated in a securities filing that three of its plants and one of its employees were targeted in the probe.
On this news, ADR’s of JBS fell $0.71 per share or over 9.2% to close at $6.96 per share on March 17, 2017, damaging investors.
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 Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
