NEW YORK, April 06, 2017 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the American Depositary Receipts of JBS S.A. (OTCQX:JBSAY) from June 2, 2015 through March 17, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for JBS investors under the federal securities laws.
To join the JBS class action, go to http://www.rosenlegal.com/cases-1091.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or 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; and (2) 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, shares of JBS fell $0.71 per share or over 9.2% to close at $6.96 per share on March 17, 2017, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 22, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1091.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.