RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased JBS S.A. (OTC: JBSAY) (“JBS” or the “Company”) American Depository Receipts (“ADRs”) between June 2, 2015 and May 19, 2017, inclusive (the “Class Period”).
JBS shareholders may, no later than July 21, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of JBS and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
JBS, a food company, engages in the processing and trading of animal protein in Brazil and internationally. The complaint alleges that throughout the Class Period the defendants made false and/or misleading statements, as well as failed to disclose that (1) 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; (2) Defendant J. Batista was providing monthly bribery payments to a former Brazilian government official and a lobbyist; (3) there were irregularities with the loans JBS received from Brazilian state-owned development bank BNDES; (4) the Company and other entities controlled by Defendants W. Batista and J. Batista made suspicious trades that exhibit signs of possible insider trading prior to the revelation of a plea deal by the Company’s top executives; and (5) as a result, Defendants’ statements about the Company’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 police raided the offices of JBS and other meatpackers following an investigation into alleged bribery of health officials. The probe uncovered evidence that meatpackers bribed inspectors and politicians to overlook unsanitary practices and exports with traces of salmonella. Police arrested two JBS employees, and twenty public officials. On this news, shares of JBS fell nearly 10% on March 17, 2017, thereby injuring investors. Then, on May 12, 17, and 19, media outlets reported that Brazilian police were investigating JBS’ dealings with the state-run bank, that JBS’ Chairman was recorded admitting to bribing public officials and that Brazil’s securities regulator had launched investigations against the Company.
If you are a member of the class, you may, no later than July 21, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.