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BAK.US
id: 560

Braskem S.A. (BAK) Securities Litigation $3M Settlement

D. New Jersey
Court
20-CV-11366
Case number
21 Mar 2019
Class period Start
08 Jul 2020
Class period End
19 Apr 2023
Claim deadline
Braskem 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.
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Filing date
25 August 2020
Plaintiffs
Matsukawa Co. Ltd
Attorneys
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
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
Cash Settlement Amount

Braskem SA Class A

Braskem S.A., together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment ...

    Ticker
    BAK.US
    ISIN
    US1055321053
    Sector
    Basic Materials
    Industry
    Chemicals
    Country
    USA
    Address
    120, Rua Lemos Monteiro, São Paulo, SP, Brazil, 05501-050