Graña y Montero S.A.A. is a company based in Latin America. Its business interests include real estate, construction, energy and mining, and sanitation and highway services.
According to the law firm press release, the lawsuit alleges that 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. On September 16, 2021, the Court granted final approval of the Settlement and entered Final Judgment. On October 1, the parties entered into a second amendment to the Stipulation and Agreement of Settlement. On October 4, the parties notified the Court that the Issuer Defendant was unable to make the full Settlement payment due September 30, 2021 and that the second amendment revised the timing and related terms of payment of the Settlement to the Plaintiffs and proposed class.
On February 7, 2022, the Court adopted the January 14, 2022 Report and Recommendation to vacate the Clerk's Judgment and approve the second amendment to the Stipulation and Agreement of Settlement. The action was to be held in abeyance until June 30, 2022.
On January 12, 2023, the Court reinstated the judgment dated September 16, 2021.