SAN FRANCISCO, Aug. 25, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Embraer S.A. (NYSE:ERJ) that the Lead Plaintiff deadline in the securities class action filed in the United States District Court for the Southern District of New York is October 7, 2016.
To all investors in ERJ: If you purchased or otherwise acquired securities of Embraer S.A. between April 16, 2012 and July 28, 2016 and suffered over $75,000 in losses, contact Hagens Berman Sobol Shapiro LLP. For more information visit
https://www.hbsslaw.com/cases/ERJ
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing ERJ@hbsslaw.com.
The complaint alleges that United States Securities and Exchange Commission (“SEC”) has been investigating Embraer for possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) since early 2010.
The SEC reportedly provided evidence it obtained to Brazil’s law enforcement authorities, who in turn filed criminal bribery charges against eight of Embraer’s former executives and directors and an Embraer sales consultant in September 2014. On March 16, 2016, the Embraer sales consultant defendant stated that the Company’s CEO (Federico Pinheiro Fleury Curado) and other top management knew of the illicit bribery scheme.
Then, on June 9, 2016, Embraer announced it would replace Curado in July 2016. On this news, the price of Embraer’s American Depository Receipts (ADRs) fell 5.44% to $20.51.
On July 29, 2016, Embraer abruptly reported a quarterly loss of $99.4 million, due in part to a $200 million loss contingency “reflecting the likely outcome” of its negotiations with U.S. officials conducting the bribery probe. This news sent the price of Embraer ADRs down nearly 14% to close at $18.27.
“Among other facts, we’re investigating when the $200 million contingency became probable and should have been reported,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Embraer S.A. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ERJ@hbsslaw.com.
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