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Case Status:    SETTLED
On or around 09/15/2017 (Settlement preliminarily approval)

Filing Date: July 01, 2015

According to the law firm press release, Braskem is a Brazilian petrochemical company that is the largest petrochemicals producer in Latin America. Braskem is also the largest producer of thermoplastic resins in the Americas. Braskem buys naphtha, which accounts for half of its production costs and is the main ingredient for making petrochemicals in Brazil, from Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) under long-term agreements. Petrobras provides approximately 70% of Braskem’s naphtha needs.

According to the complaint, the truth began to emerge on March 11, 2015, when a report from a São Paulo newspaper, Folha de S. Paolo, implicated Braskem in the corruption scandal surrounding Petrobras. On this news, Braskem ADRs fell over 20%, or $1.80 per ADR, on March 11, 2015.

Plaintiffs filed a consolidated complaint on November 6, 2015. This was followed by the filing of an amended complaint on May 20, 2016.

On September 14, 2017, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on September 15.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: Brazil

SECURITIES INFORMATION:

Ticker Symbol: BAK
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 #: 15-CV-05132
JUDGE: Hon. Paul A. Engelmayer
DATE FILED: 07/01/2015
CLASS PERIOD START: 06/01/2010
CLASS PERIOD END: 03/11/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-05132
JUDGE: Hon. Paul A. Engelmayer
DATE FILED: 05/20/2016
CLASS PERIOD START: 07/15/2010
CLASS PERIOD END: 03/11/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (New York)
    88 Pine Street, 14th Floor, Cohen Milstein Sellers & Toll PLLC (New York), NY 10022
    212.838.7797 212.838.7797 ·
No Document Title Filing Date