Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Embraer S.A. Investors & Encourages In...
August 17 2016 - 3:29PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Embraer S.A. (“Embraer” or the “Company”) (NYSE: ERJ)
securities between April 16, 2012 and July 28, 2016,
inclusive (the “Class Period”). Embraer investors have
until October 7, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Embraer investments are
encouraged to contact Casey Sadler of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
According to the lawsuit, throughout the Class Period defendants
issued false and misleading statements to investors and/or failed
to disclose that Embraer had paid bribes to officials to secure
contracts for the sale of aircraft; Embraer’s President and Chief
Executive Officer (“CEO”), Defendant Frederico Pinheiro Fleury
Curado (“Curado”) was aware of the bribery scheme; the foreseeable
consequences of the bribery scheme would cost Embraer hundreds of
millions of dollars; and as a result, defendants’ statements about
Embraer’s business, operations, and prospects were false and
misleading and/or lacked a reasonable basis. When the true details
entered the market, the lawsuit claims that investors suffered
damages.
In July 2016, Embraer disclosed that its Chief Executive
Officer, Frederico Curado, would be stepping down. Shortly
thereafter on July 29, 2016, Embraer reported a loss of $99.4
million for the quarter, and that $200 million was set aside to
deal with the bribery investigation. Embraer also lowered its 2016
guidance for its executive jet business.
On this news, Embraer's share price fell sharply, nearly 14% to
close at $18.27 per share on July 29, 2016.
If you purchased shares of Embraer during the Class Period you
may move the Court no later than October 7,
2016 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. 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, Casey Sadler, 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://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/20160817006157/en/
Glancy Prongay and Murray LLP, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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