Thieler Law Corp advises investors with losses exceeding $100,000 of the August 31, 2015 lead plaintiff deadline in a class action lawsuit filed against Braskem SA (NYSE: BAK) (“Braskem” or “the Company”). The suit is pending in the U. S. District Court for the Southern District of New York and investors, who purchased Braskem securities between June 1, 2010 and March 11, 2015, have until August 31, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Braskem securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 866-6157 or emailing mail@thielerlaw.com .  No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendant’s CEO and its Chief Financial Officer (“CFO”), acting on behalf of Braskem, signed certifications pursuant to the SarbanesOxleyAct of 2002 (“SOX”).  Allegedly, those certifications contained false and misleading representations that Braskem had disclosed all “deficiencies and material weaknesses in the design or operation of internal control over financial reporting.” These statements and the other similar statements during the Class Period were false, according to the claims in the lawsuit and it further claims that Braskem paid bribes to buy cheaper raw material from Petrobras between 2006 and 2012.

On March 11, 2015, a report from a São Paulo newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding Petrobras. Braskem paid at least $5 million annually to Petrobras between 2006 and 2012, according to a testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef, as reported by Folha de S. Paolo. The payments were made to acquire crude derivative contracts like propylene and naphtha at cheaper prices. On this news, shares of Braskem fell over 20% on March 11, 2015, damaging shareholders.

If you were negatively impacted by your investment in Braskem securities between June 1, 2010 and March 11, 2015 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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