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JBS S.A. (JBSAY)

OTC:JBSAY

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In JBS S.A. To Contact The Firm Before Lead Plaintiff Deadline

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in JBS S.A. (“JBS” or the “Company”) (OTC:JBSAY) of the July 21, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased JBS American Depositary Receipts (“ADRs”) between June 2, 2015 and May 19, 2017 (the “Class Period”).  The case, Murphy III v. JBS S.A. et al, No. 17-cv-03084 was filed on May 22, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices; (2) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable bases.

Specifically, on March 17, 2017, Reuters published a report revealing that Brazilian federal police raided JBS, among others, following a two-year investigation into alleged bribery of regulators regarding the inspections of their facilities.  The investigation, known as “Operation Weak Flesh,” exposed approximately 40 cases of meatpackers who bribed inspectors and politicians to overlook unsanitary procedures.  It was reported that Brazilian police arrested two JBS employees, and 20 public officials.

On this news, JBS’ ADRs fell from a closing price of $7.67 on March 16, 2017 to a closing price of $6.96 on March 17, 2017—a $0.71 or a 9.26% drop.

Then, on May 12, 2017, Brazilian news outlets reported that Brazilian authorities are investigating whether the company received preferable treatment from state-owned development bank BNDES. After it was alleged that recordings existed of JBS executives bribing current members of the Brazilian legislature, on May 19, 2017, news outlets reported that certain JBS executives are seeking to enter a plea deal with Brazilian securities regulators. 

During May, JBS’ ADRs fell from a closing price of $10.79 on May 12, 2017 to a closing price of $5.98 on May 22, 2017 —a $4.81 or a 44.6% drop.

Take Action

If you invested in JBS ADRs between June 2, 2015 and March 17, 2017 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding JBS’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    JBS S.A. (JBSAY)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 05/24/2017

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