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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Braskem S.A.    BRKM5   BRBRKMACNPA4

BRASKEM S.A.

(BRKM5)
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BAK INVESTOR FILING DEADLINE: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Braskem S.A.

09/17/2020 | 01:49pm EST

Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the common stock of Braskem S.A. (“Braskem” or the “Company”) (NYSE: BAK) between May 6, 2016 and July 8, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Securities Exchange Act of 1934.

If you purchased Braskem securities, and/or would like to discuss your legal rights and options please visit Braskem Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (i) Braskem's salt mining operations were unsafe and presented a significant danger to surrounding areas, including nearly two thousand properties; (ii) the foregoing foreseeably increased the risk that Braskem would be subjected to remedial liabilities, including, but not limited to, increased governmental and/or regulatory oversight or enforcement, significant monetary and reputational damage, and/or the permanent closure of one or more of its salt mining operations; (iii) accordingly, earnings generated from Braskem's salt mining operations were unsustainable; (iv) Braskem downplayed the true scope and severity of the Company's liability with respect to its salt mining operations; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times

On April 2, 2019, media sources and, later, Braskem, disclosed that the Company had been sued by local authorities in connection with a geological event it had purportedly caused in the state of Alagoas, Brazil. Specifically, Braskem disclosed, in relevant part, that the Company "ha[d] become aware, through the media, of a lawsuit filed against it by the Public Prosecutor's Office and the Public Defender's Office, both of the State of Alagoas." The Company disclosed that the lawsuits were "requesting the freezing of amounts and assets in a total of approximately R$6.7 billion [i.e., 6.7 billion reais] to guarantee any potential damages owed to the general public affected by the geological phenomenon which occurred in districts near the rock salt extraction area in Macei."

On this news, Braskem's American Depositary Share ("ADS") price fell $1.60 per share over two trading days, or 5.98%, to close at $25.14 per share on April 3, 2020.

Finally, on July 9, 2020, during pre-market hours, Braskem disclosed that authorities in northeastern Brazil had advised the Company that the geological damage from its salt mining operations was more widespread than initial estimates. Specifically, among other things, 1,918 properties needed to be evacuated because of the geological event associated with Braskem's mining operations, and Braskem estimated that moving the residents would cost the Company an additional R$850 million in possible payments to those residents, with another additional R$750 million in expenses to "definitively" shut down Braskem's salt mining operations.

On this news, Braskem's ADS price fell $0.59 per share, or 6.20%, to close at $8.93 per share on July 9, 2020.

If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased Braskem securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/braskemsa-bak-shareholder-class-action-lawsuit-stock-fraud-296/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.


© Business Wire 2020
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Financials
Sales 2020 51 911 M 9 653 M 9 653 M
Net income 2020 -4 391 M -817 M -817 M
Net Debt 2020 39 779 M 7 397 M 7 397 M
P/E ratio 2020 -4,30x
Yield 2020 0,45%
Capitalization 18 976 M 3 519 M 3 529 M
EV / Sales 2020 1,13x
EV / Sales 2021 0,99x
Nbr of Employees 4 700
Free-Float 25,4%
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Technical analysis trends BRASKEM S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 28,36 BRL
Last Close Price 23,70 BRL
Spread / Highest target 68,8%
Spread / Average Target 19,7%
Spread / Lowest Target -0,84%
EPS Revisions
Managers
NameTitle
Roberto Lopes Pontes Simões President & Chief Executive Officer
José Mauro Mettrau da Cunha Chairman
Pedro van Langendonck de Freitas CFO & Investor Relations Officer
João Cox Neto Vice Chairman
Gesner José de Oliveira Filho Independent Director
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