UPCOMING DEADLINE ALERT - Banco Bradesco S.A. - Brower Piven Reminds Shareholders of Approaching Deadline In Class Action Law...
July 09 2016 - 8:00AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Banco Bradesco S.A.
(NYSE: BBD; NYSE: BBDO) (“Banco Bradesco” or the “Company”)
American Depositary Shares (“ADSs”) during the period between April
30, 2012 and May 31, 2016, inclusive (the “Class Period”).
Investors with losses in excess of $100,000 who wish to become
proactively involved in the litigation have until August 2, 2016 to
seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Banco Bradesco ADSs during the Class Period. Members
of the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. No class has yet been certified in
the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that Banco Bradesco was
engaged in a bribery scheme in collusion with Brazil’s
Administrative Council of Tax Appeals (“CARF”); that the Company’s
executives were plotting to avoid a tax fine that was imposed by
Brazil’s Internal Revenue Service; that Banco Bradesco’s Chief
Financial Officer (“CFO”), Luiz Carlos Trabuco Cappi, and other
executives, directors and employees of the Company had engaged in
bribery, money laundering, and corruption; and, that the Company’s
internal control over financial reporting and its disclosure
controls and procedures were not effective.
According to the complaint, following a March 26, 2015 article
stating that the Brazilian authorities uncovered a tax fraud
scheme, a March 27, 2015 article stating that Brazil’s Federal
Police agency brought legal proceedings against more than 50
companies for bribing officials at CARF to reduce or annul fines or
unpaid taxes, a March 28, 2015 article that disclosed that Banco
Bradesco was one of the companies suspected of paying bribes to
clear $2.7 billion reals of owed taxes, and May 31, 2016 articles
stating that Brazil’s federal police indicted Banco Bradesco
executives, including the CEO, on corruption-related charges and
accused them of plotting to avoid a $3 billion-real tax fine, the
value of Banco Bradesco ADSs declined significantly.
If you have suffered a loss from investment in Banco Bradesco
ADSs purchased on or after April 30, 2012 and held through the
revelation of negative information during and/or at the end of the
Class Period and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Brower Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160709005029/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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