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BAK.US
id: 560
Braskem S.A. (BAK) Securities Litigation $3M Settlement
The settlement funds have been distributed to claimants.
$3,000,000
Cash SettlementD. New Jersey
Court20-CV-11366
Case number03/21/2019
Class period Start07/08/2020
Class period End04/19/2023
Claim deadlineBraskem SA (BAK) agreed to pay $3 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that Braskem’s salt mining operations were unsafe and presented a significant danger to surrounding areas, including nearly two thousand properties and the Company downplayed the true scope and severity of the Company’s liability with respect to its salt mining operations.
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Filing date
08/25/2020
Plaintiffs
Matsukawa Co. Ltd
Attorneys
Bernstein Liebhard LLP (New York, NY), Schnader Harrison Segal & Lewis LLP (Cherry Hill, NJ), Wolf Haldenstein Adler Freeman & Herz LLP (New York, NY)
Defendants
Roberto Lopes Pontes Simões, Fernando Musa, Pedro van Langendonck Teixeira de Freitas
Judge
Hon. Claire C. Cecchi
Administrator
Strategic Claims Services
Court hearing date
05/03/2023
Exclusion deadline
04/03/2023
Objection deadline
04/19/2023
Trades matching type
FIFO
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