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BAK.US
id: 560, Created by Stan Vick Chase, Scout
Braskem S.A. (BAK) Securities Litigation $3M Settlement
Pending settlement
21 March 2019
Class period Start08 July 2020
Class period End19 April 2023
Claim deadlineBraskem SA (BAK) agreed to pay $3 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that Braskem’s salt mining operations were unsafe and presented a significant danger to surrounding areas, including nearly two thousand properties and the Company downplayed the true scope and severity of the Company’s liability with respect to its salt mining operations.
Alleged Offence
Other
Suspected Party
Other
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Case number
20-CV-11366
Filing date
25 August 2020
Lead plaintiff
Matsukawa Co. Ltd
Attorney
Bernstein Liebhard LLP (New York, NY), Schnader Harrison Segal & Lewis LLP (Cherry Hill, NJ), Wolf Haldenstein Adler Freeman & Herz LLP (New York, NY)
Defendants
Roberto Lopes Pontes Simões, Fernando Musa, Pedro van Langendonck Teixeira de Freitas
Court
District of New Jersey
Judge
Hon. Claire C. Cecchi
Administrator
Strategic Claims Services
Court hearing date
03 May 2023
Exclusion deadline
03 April 2023
Objection deadline
19 April 2023
+$3,000,000
Total Settlement Amount