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BAK.US

Braskem (BAK) Maceió Mine Indemnity Case

  • Braskem agreed to reimburse $347M in damages over its rock-salt mine in Maceió, contrary to the earlier stated $203M.
  • On it, $BAK fell 4.2%, losing $119M of shareholder value.
  • Investors may have grounds to suspect Braskem of hiding the real situation over the Maceió's mine.
On December 8, 2023, Braskem (BAK) confirmed that it entered into an agreement with the Municipality of Maceió for the payment of $347 million, which establishes the indemnity, compensation, and full reimbursement of damages over its rock-salt mine in Maceió.

On this news, $BAK fell 4.2% and lost $119 million of its market capitalization, seriously damaging shareholders.

On November 30, 2023, Braskem disclosed that it was required to pay $203 million to repair damages at a rock-salt mine that it owns in Maceió. On this news, $BAK fell 6.9%.

Considering all the facts, investors might have grounds to suspect that Braskem hid the real situation over the rock-salt mine in Maceió.

The case is already under investigation by at least one of the reputable law firms.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11 December 2023
Collecting participants…
Created by Stan Vick, Scout

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