JBS S.A. : American Depositary Receipts Securities Litigation
On or around 07/22/2019 (Date of order of final judgment)
Filing Date: March 22, 2017
JBS S.A. is a Brazilian company that is the largest meat processing company in the world, producing factory processed beef, chicken and pork, and also selling by-products from the processing of these meats.
According to the law firm press release, the lawsuit alleges that 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. The Court issued an Order preliminarily approving the Settlement on March 8, 2019. On July 22, the Court granted final approval of the Settlement and entered Final Judgment. On February 28, 2020, the Court issued an Order granting distribution of the net Settlement fund.
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