Wolf Haldenstein Appointed Co-Lead Counsel for Braskem S.A. Investors Seeking to Recover Losses
Wolf Haldenstein was appointed as co-lead counsel in a securities class action against Brazilian based Braskem, S.A. (“Braskem” or the Company”). The allegations against Braskem and the other named defendants include, among other things, that the Company violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as SEC Rule 10b-5, by making materially false and misleading statements and material omissions concerning: (i) Braskem’s salt mining operations, which were unsafe and presented a significant danger to surrounding areas, including nearly two thousand properties; (ii) the foregoing foreseeably increased the risk that Braskem would be subjected to remedial liabilities, including, but not limited to, increased governmental and/or regulatory oversight or enforcement, significant monetary and reputational damage, and/or the permanent closure of one or more of its salt mining operations; (iii) accordingly, earnings generated from Braskem’s salt mining operations were unsustainable; (iv) Braskem downplayed the true scope and severity of Braskem’s liability with respect to its salt mining operations; and (v) as a result, Braskem’s public statements were materially false and misleading at all relevant times. The litigation is on behalf of investors who purchased or otherwise acquired Braskem securities from May 6, 2016 through July 8, 2020.
The litigation is currently pending in the United States District for the District of New Jersey before the Honorable Claire C. Cecchi.