GPM Reminds Investors of the August 2 Deadline in the Class Action Lawsuit Against Banco Bradesco S.A.
July 22 2016 - 12:35PM
Business Wire
Investors with over $50,000 in losses are encouraged to contact
Lesley Portnoy, Esquire to discuss their legal rights.
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
August 2, 2016 deadline to file a lead plaintiff motion in
the class action filed on behalf of a class (the “Class”) of
investors who purchased Banco Bradesco S.A. (“Banco Bradesco” or
the “Company”) (NYSE: BBD) American Depository Shares between
April 30, 2012 and May 31, 2016, inclusive (the “Class
Period”). Banco Bradesco investors have until August 2,
2016 to file a lead plaintiff motion.
On May 31, 2016, several news reports disclosed that the
Company’s CEO was indicted by Brazil police on corruption related
charges. The Company, through its executives allegedly attempted to
avoid paying an $828 million tax expense due to Brazil’s Tax
Revenue Service. On this news shares of Banco Bradesco fell nearly
6%, on volume of over 31 million shares, to close on May 31, 2016
at $6.26 a share.
According to the lawsuit, throughout the Class Period the
defendants issued false and misleading statements to investors
and/or failed to disclose that: (1) Banco Bradesco was engaged in a
bribery scheme in collusion with the Brazilian Finance Ministry’s
CARF; (2) Banco Bradesco executives were plotting to avoid an $828
million tax fine that was imposed by Brazil’s Internal Revenue
Service; (3) Banco Bradesco’s CEO, Defendant Cappi, and other
executives, directors and employees of the Company had engaged in
bribery, money laundering, and corruption; (4) Banco Bradesco’s
internal control over financial reporting and its disclosure
controls and procedures were not effective; and (5) as a result,
Banco Bradesco’s public statements were materially false and
misleading at all relevant times. When the true details entered the
market, the lawsuit claims that investors suffered damages.
If you purchased Banco Bradesco American Depository Shares
shares, you may move the Court no later than August 2,
2016 to request appointment as lead plaintiff. To be a
member of the class you need not take any action at this time; you
may retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160722005660/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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