Deadline Alert: Law Offices of Howard G. Smith Reminds Investors of the Upcoming October 7th Deadline in the Class Action Law...
September 27 2016 - 4:42PM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming October 7, 2016 deadline to file a lead
plaintiff motion in the class action lawsuit filed on behalf of
investors who purchased or otherwise acquired 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.
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 Embraer shares, you may move the Court no later
than October 7, 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 Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
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/20160927006699/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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