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.