The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of JBS S.A. (OTCMKTS: JBSAY) who purchased shares between June 2, 2015 and May 19, 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) JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices, such as processing rotten meat and running plants with traces of salmonella; (2) JBS Chairman Joesley Batista was providing monthly bribery payments to a former Brazilian government official and a lobbyist; (3) there were irregularities with the loans JBS received from Brazilian state-owned development bank BNDES; (4) JBS and other entities controlled by JBS Chairman Joesley Batista and JBS CEO Wesley Batista made suspicious trades that exhibit signs of possible insider trading prior to the revelation of a plea deal by JBS’ top executives; and (5) consequently, defendants' statements about JBS' business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
Shareholders have until July 21, 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.
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