Banco Bradesco S.A. : American Depository Shares Securities Litigation
On or around 07/24/2019 (Settlement preliminarily approval)
Filing Date: June 03, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Banco Bradesco was engaged in a bribery scheme in collusion with the Brazilian Finance Ministry’s CARF; (2) Banco Bradesco executives were plotting to avoid an $828 million tax fine that was imposed by Brazil’s Internal Revenue Service; (3) Banco Bradesco’s CEO and other executives, directors and employees of the Company had engaged in bribery, money laundering, and corruption; (4) Banco Bradesco’s internal control over financial reporting and its disclosure controls and procedures were not effective; and (5) as a result, Banco Bradesco’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 15, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on October 21.
On September 29, 2017, the Court issued an Order granting in part and denying in part Defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint.
On July 1, 2019, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on July 24.
Company & Securities Information
Defendant: Banco Bradesco S.A.
Industry: Money Center Banks
Ticker Symbol: BBDO
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.
First Identified Complaint
William Bryan, et al. v. Banco Bradesco S.A., et al.