Levi & Korsinsky, LLP announces that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of purchasers of Chemical & Mining Company of Chile Inc. (NYSE: SQM) American Depositary Shares (ADSs) between March 4, 2014 and March 17, 2015.
The complaint alleges that the company concealed from the investing public that: (a) money from SQM was channeled illicitly to electoral campaigns for the Independent Democratic Union, Chile’s largest conservative party; (b) the Company lacked adequate controls over financial reporting; and (c) as a result, the Company’s financial statements were materially false and misleading at all relevant times. On March 16, 2015, the Company announces that it had turned over information requested by the Public Prosecutor pursuant to a request made by the Prosecutor. The Company also announced that the Board had agreed to terminate CEO Patricio Contesse, effective immediately. If you suffered a loss in SQM you have until May 18, 2015 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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