The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Graña y Montero S.A.A. (NYSE: GRAM) who purchased shares between July 24, 2013 and February 24, 2017. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Graña was aware that its Brazilian partner Odebrecht S.A. paid bribes to former Peruvian President Alejandro Toledo to win construction work on a road traveling from Peru to Brazil; and (2) as a result, defendants’ statements about Graña's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On February 24, 2017, Reuters published an article highlighting a report that Graña was aware of about $20 million in bribes paid to former Peruvian President Alejandro Toledo by its partner Odebrecht. On this news, shares of Graña fell over 34% to close at $3.32 per share on February 24, 2017.
Shareholders have until April 28, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
Please fill out the form to learn more