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Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of investors of Embraer S.A. (NYSE: ERJ) (“Embraer”) who purchased shares between April 16, 2012 and July 28, 2016.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company undertook an illicit bribery scheme; (2) the CEO and top executives knew of the illicit scheme; (3) the consequences of the illicit scheme would cost the Company hundreds of millions of dollars; and, as a result, (4) the Company’s reported financials were false. In 2014, Brazilian authorities filed a complaint against an Embraer sales consultant and eight former Embraer executives and directors, alleging that the sales consultant admitted to paying bribes on behalf of the Company, with the knowledge of its top management. Then in June 2016, Embraer announced the impending departure of its CEO Frederico Curado. Then on July 29, 2016, Embraer reported a loss of $99.4 million for the quarter after setting aside $200 million in connection with an U.S. Foreign Corrupt Practices Act investigation. Embraer also announced it has been negotiating with the U.S. Department of Justice to settle the investigation since May of 2015.
If you suffered a loss in Embraer you have until October 7, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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