NEW YORK, Aug. 22, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against
Embraer S.A. ("Embraer" or the "Company") (NYSE: ERJ) and
certain of its officers. The class action, filed in
United States District Court, Southern District of New York, and docketed under 16-cv-06277, is
on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired Embraer securities between
April 16, 2012 and July 28, 2016 inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Embraer securities during
the Class Period, you have until October 7,
2016 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Embraer designs, develops, manufactures, and sells aircraft and
systems in Brazil, North America, Latin
America, the Asia-Pacific
region, Europe, and
internationally.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose that:
(i) the Company had paid bribes to officials in the Dominican Republic to secure contracts for the
sale of aircraft; (ii) Embraer's President and Chief Executive
Officer ("CEO"), Defendant Frederico
Pinheiro Fleury Curado ("Curado") was aware of the bribery
scheme; (iii) the foreseeable consequences of the foregoing conduct
would cost Embraer hundreds of millions of dollars; and (iv) as a
result of the foregoing, Defendants' statements about Embraer's
business, operations, and prospects were false and misleading
and/or lacked a reasonable basis.
On November 1, 2013, after the
market closed, The Wall Street Journal reported that Embraer
was under investigation by the U.S. and Brazilian governments
concerning bribery of Dominican
Republic officials to secure a contract for the sale of
military aircraft.
On this news, Embraer's ADRs fell $0.17, or 0.57%, to close at $29.55 on November 4,
2013, the next trading day.
On September 23, 2014, shortly
before the market closed, The Wall Street Journal reported
that Brazilian authorities had filed bribery charges against eight
Embraer employees, claiming that they had bribed officials in the
Dominican Republic to secure a
$92 million contract.
On this news, Embraer's ADRs fell $0.26, or 0.68%, to close at $38.25 on September 24,
2014.
On March 16, 2016, after the
market closed, various media outlets reported that Elio Moti Sonnenfeld ("Sonnenfeld"), a sales
consultant who purportedly paid bribes on behalf of Embraer, had
told Brazilian prosecutors that he believed the Company's top
managers, including Defendant Curado, then CEO of Embraer, knew of
the illicit payments made in connection with the Dominican Republic sales.
On June 9, 2016, after the market
closed, Embraer announced that Defendant Curado was stepping down
from his position as CEO after 32 years with the Company, and that
Paulo César de Souza e Silva would replace Curado as of
July 2016.
On this news, Embraer's ADRs fell $1.18, or 5.44%, to close at $20.51 on June 10,
2016.
On July 29, 2016, Embraer filed a
Form 6-K with the SEC, stating, in relevant part, that:
[N]egotiations with the U.S. Department of Justice (DOJ) and the
Securities and Exchange Commission (SEC) for the settlement of the
allegations of non-compliance with the U.S. Foreign Corrupt
Practices Act (FCPA) have significantly progressed, to the point
that Embraer is recognizing a US$ 200
million loss contingency in the quarter ended June 30, 2016.
Embraer also announced its financial and operating results for
the quarter ended June 30,
2016. Embraer reported, inter alia, the $200 million loss contingency and a net loss
for the quarter totaling $99.4
million, or $0.55 per
share.
On this news, Embraer's ADRs fell $2.93, or 13.82%, to close at $18.27 on July 29,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP