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 March 17, 2017. The action, which was filed in the United States District Court for the Eastern District of Pennsylvania, 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; and (2) as a result, defendants’ statements about JBS’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 17, 2017, news outlets reported that Brazilian federal police raided the offices of JBS and dozens of other meatpackers following a two-year investigation into alleged bribery of regulators to subvert inspections of their plants and overlook unsanitary practices. JBS stated in a securities filing that three of its plants and one of its employees were targeted in the probe.
Shareholders have until May 22, 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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