WASHINGTON, D.C. — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against Embraer S.A. (“Embraer S.A.” or the “Company”) (NYSE:ERJ) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Embraer between April 16, 2012 and July 28, 2016.
Embraer designs, develops, manufactures, and sells aircraft and systems in Brazil, North America, Latin America, the Asia-Pacific region, Europe, and internationally.
The Allegations Against Embraer
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company undertook an illicit bribery scheme; (2) the CEO and top executives knew of the illicit scheme; (3) the consequences of the illicit scheme would cost the Company hundreds of millions of dollars; and, as a result, (4) the Company’s reported financials were false.
In 2014, Brazilian authorities filed a complaint against an Embraer sales consultant and eight former Embraer executives and directors, alleging that the sales consultant admitted to paying bribes on behalf of the Company, with the knowledge of its top management. Then in June 2016, Embraer announced the impending departure of its CEO Frederico Curado. Then on July 29, 2016, Embraer reported a loss of $99.4 million for the quarter after setting aside $200 million in connection with an U.S. Foreign Corrupt Practices Act investigation.
Embraer Investors Have Legal Options
If you suffered a loss from Embraer investments you have until October 7, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney David P. Abel (202) 559-8591, [email protected]
U.S. Market Advisors Law Group PLLC is a law firm based in Washington, D.C. The firm represents institutional investors from across the world in U.S. securities class action lawsuits.
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