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Case Status:    SETTLED
On or around 12/28/2011 (Court's order of dismissal)

Filing Date: November 05, 2008

The original complaint alleges that during the Class Period, Sadia entered into undisclosed currency derivative contracts to purportedly hedge against the Company's U.S. dollar exposure. The Company characterized the amounts of these contracts as "nominal." However, these contracts violated Company policy in that they were far larger than necessary to hedge normal business operations and resulted in a loss of $365 million. As a result of Defendants' admission of violating Company policy regarding currency hedging, the American Depository Receipts of Sadia S.A. closed at $9.50 per share, down from the previous day's close of $15.27, a decline of 38%.

On January 26, 2009, five related action were consolidated under 08 Civ. 9528. The Sadia Investor Group was appointed Lead Plaintiff and the law firms of Saxena White P.A. and Barroway Topaz Kessler Meltzer & Check LLP were appointed Co-Lead Counsel. The Law Offices of Curtis V. Trinko, LLP was appointed as Liaison Counsel for the Class. On March 16, 2009, the lead plaintiffs filed a Consolidated Amended Complaint. On April 27, 2009, the defendant filed a motion to dismiss the Consolidated Amended Complaint. On July 29, 2009, Judge Shira A. Scheindlin signed the Opinion and Order #97815 denying the motion to dismiss.

On December 14, 2009, the lead plaintiff filed a motion to certify the class. The motion was granted on July 20, 2010. According to the Order, plaintiffs' motion for class certification is granted, except that purchasers who sold shares prior to the close of the market on September 25, 2008 are excluded. The defendants' motion for leave to appeal the district court's order granting Respondents' motion for class certification was denied on November 8, 2010. Settlement conferences are now in progress.

On May 27, 2011, certain defendants filed a motion to dismiss. On June 20, 2011, a joint motion to dismiss was filed. On August 19, 2011, Judge Shira A. Scheindlin signed the Order of Discontinuance. The action is discontinued with prejudice but without costs; provided, however, that within 45 days of the date of this Order, counsel for either side may apply by letter for restoration of the action to the calendar of the undersigned if the settlement is not effected, in which event the action will be restored. The Clerk of the Court is directed to close this case.

On September 16, 2011, the plaintiff filed a motion to preliminarily approve the settlement, which was granted on September 23rd. The Settlement Fairness Hearing was set for December 22, 2011.

On December 28, 2011, the Court entered the Memorandum Opinion and Order signed by Judge Shira A. Scheindlin. According to the Order, For the reasons stated above, plaintiffs motion for Final Approval of Class Action Settlement and Plan of Allocation is granted. Class Counsels motion for an Award of Attorneys Fees and Expenses and an Award of Costs and Expenses to the Class Representatives is granted, but not for the amounts requested. This case, and all related cases, shall remain closed.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Fish/Livestock
Headquarters: Brazil

SECURITIES INFORMATION:

Ticker Symbol: SDA
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 08-CV-09528
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 11/05/2008
CLASS PERIOD START: 04/30/2008
CLASS PERIOD END: 09/26/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-09528
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 03/16/2009
CLASS PERIOD START: 04/30/2008
CLASS PERIOD END: 09/26/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barroway Topaz Kessler Meltzer & Check, LLP (Radnor)
    280 King of Prussia Road, Barroway Topaz Kessler Meltzer & Check, LLP (Radnor), PA 19087
    610.667.7706 610.667.7706 · info@btkmc.com
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
No Document Title Filing Date