Cemex is a global building materials company that produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies; specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cemex executives had engaged in an unlawful bribery scheme in connection with the Company’s business dealings in Colombia; (ii) discovery of the foregoing conduct would likely subject the Company to heightened regulatory scrutiny and potential criminal sanctions; (iii) the Company lacked adequate internal controls over financial reporting; and (iv) as a result, Cemex’s public statements were materially false and misleading at all relevant times.
On June 7, 2018, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on August 2. Defendants filed a Motion to Dismiss the amended Complaint on September 14. On July 12, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On August 1, Lead Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on September 5. On February 10, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.