GPM Reminds Investors of the October 7th Deadline in the Class Action Lawsuit Against Embraer S.A. & Encourages Investors to ...
October 04 2016 - 02:46PM
Business Wire
Investors with losses of $50,000 or more are encouraged to
contact the firm to discuss their legal rights.
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
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, 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 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 or otherwise acquired Embraer shares during the
Class Period, 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 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://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/20161004006488/en/
Glancy Prongay & Murray LLP, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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