NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 21, 2015 to file lead plaintiff applications in a securities class action lawsuit against Centrais Eletricas Brasileiras S.A. - Eletrobas (NYSE: EBR) if they purchased the Company’s American Depository Shares (“ADSs”) between the expanded period of August 17, 2010 through April 29, 2015, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Eletrobas and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by September 21, 2015.
About the Lawsuit
Eletrobas and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The action alleges that Eletrobas’s senior officials were in non-compliance with its corporate governance directives and Code of Ethics, resulting in investigations and disciplinary actions by various authorities and Eletrobas’s financial statements being materially false and misleading.
On April 30, 2015, Eletrobas announced that due to news reports about bribery taking place at its subsidiary, it would not be filing its Form 20-F on time and needed the additional time to follow proper auditing procedures. On this news, the price of Eletrobas’s ADSs plummeted.
Then, on September 1, 2015, the former CEO of Eletrobas’s nuclear power subsidiary was formally charged with accepting bribes.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.