LOS ANGELES–(BUSINESS WIRE)–$BAK #BAK—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Braskem S.A. (“Braskem” or “the Company”) (NYSE: BAK) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Braskem disclosed on July 9, 2020, that Brazilian authorities had advised the Company that the residents of 1,918 homes were forced to be evacuated after a geological event caused by the Company’s mining operations. Braskem estimates the cost of relocating the residents would be 850 million reais, with another 750 million reais for additional measures relating to the permanent closure of its salt mining activities. Based on this news, Braskem’s ADRs fell by more than 6% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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