INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Chemical & Mining Co. of Chile Inc. (SQM) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Chemical & Mining Co. of Chile Inc. (“C&M Chile” or the “Company”) (NYSE: SQM).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) funds from C&M Chile were being channeled illicitly to electoral campaigns for the Independent Democratic Union, Chile’s largest conservative party; and (2) the Company lacked adequate internal controls over financial reporting.
On March 11, 2015, C&M Chile disclosed that its Board of Directors would meet to evaluate a request by Chile’s Public Prosecutor for delivery of information pertaining to the alleged Banco Penta tax evasion and bribery scandal. On March 16, 2015, the Company announced that it had submitted all information requested by the Public Prosecutor. Moreover, the Company also announced that the Board had agreed to terminate CEO Patricio Contesse effective immediately. Contesse had attempted to block the Company’s decision to turn over the documents.
As a result of these shocking developments, C&M Chile stock declined in value, from a closing price of $26.17 per share on February 25, 2015, to close at $22.10 per share on March 17, 2015, a decline of 15.55% on unusually heavy trading volume.
On March 18, 2015, C&M Chile issued a press release indicating that the three representatives on its Board from Canadian stakeholder Potash Corporation had resigned the prior day. On this news, C&M Chile stock declined an additional 15.6% to close at $18.65 on March 18, 2015.
If you invested in C&M Chile stock or options before March 17, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding C&M Chile’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.