According to the law firm press release, Embraer designs, develops, manufactures, and sells aircraft and systems in Brazil, North America, Latin America, the Asia-Pacific region, Europe, and internationally.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had paid bribes to officials in the Dominican Republic to secure contracts for the sale of aircraft; (ii) Embraer’s President and Chief Executive Officer (“CEO”) was aware of the bribery scheme; (iii) the foreseeable consequences of the foregoing conduct would cost Embraer hundreds of millions of dollars; and (iv) as a result of the foregoing, Defendants’ statements about Embraer’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On October 20, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 13. On March 31, 2017, Lead Plaintiff voluntarily dismissed certain individual Defendants. The remaining Defendants filed a Motion to Dismiss the amended Complaint on June 28, 2017. On March 30, 2018, the Court granted Defendants' Motion to Dismiss and dismissed the case with prejudice.