Gran~a y Montero S.A.A. : American Depositary Shares Securities Litigation
On or around 08/18/2020 (Settlement preliminarily approval)
Filing Date: February 27, 2017
According to the law firm press release, the lawsuit alleges throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Graña y Montero was aware that its Brazilian partner Odebrecht S.A. paid bribes to former Peruvian President Alejandro Toledo to win construction work on a road traveling from Peru to Brazil; and (2) as a result, defendants’ statements about Graña y Montero’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On February 24, 2017, Reuters published an article highlighting a report that Graña y Montero knew about $20 million in bribes paid to former Peruvian President Alejandro Toledo by its partner Odebrecht. On this news, shares of Graña y Montero fell $1.77 per share or over 34% to close $3.32 per share on February 24, 2017.
On March 5, 2018, the Court issued Orders appointing Lead Plaintiff and Counsel and consolidating cases. The Consolidated Cases shall be identified as: "In re: Grana y Montero S.A.A. Securities Litigation." On May 29, 2018, Lead Plaintiff filed a consolidated amended Complaint. Lead Plaintiff filed a second consolidated amended Complaint on May 10, 2019.
On July 2, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on August 18.
Company & Securities Information
Defendant: Gran~a y Montero S.A.A.
Industry: Business Services
Ticker Symbol: GRAM
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
Jose Carlos Valencia Peralta, et al. v. Grana y Montero S.A.A., et al.