JBS S.A. : American Depositary Receipts Securities Litigation
On or around 12/20/2018 (Date of stipulation and/or agreement of settlement)
Filing Date: March 22, 2017
According to the law firm press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) JBS executives bribed regulators and politicians to subvert food inspections of its plants and overlook unsanitary practices such as processing rotten meat and running plants with traces of salmonella; and (2) as a result, defendants’ statements about JBS’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
This first identified case was voluntarily dismissed on May 1, 2017. A related case continues in the Eastern District of New York under 17-CV-03084.
On August 14, 2017, the Court issued an Order consolidating cases. On October 6, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on August 29, 2018. On December 20, the parties entered into a Stipulation of Settlement.
Company & Securities Information
Defendant: JBS S.A.
Sector: Consumer Non-Cyclical
Industry: Food Processing
Ticker Symbol: JBSAY
Company Market: OTC-BB
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
Leonforte Holdings Ltd., et al. v. JBS S.A., et al.